Alcorn Gold net income down by 14% in 9 mos

MANILA, Philippines—Listed Alcorn Gold Resources Corp. posted a 14-percent drop in its net income in the first nine months to P10.8 million from P12.6 million a year ago.

In a filing in the Philippine Stock Exchange Tuesday, Alcorn Gold said revenue in the first three quarters fell by 15 percent to P24.66 million from P28.8 million a year ago, as income from the sale of financial assets dropped.

Total expenses in the nine-month period stood at P13.4 million, lower by 15 percent than year-ago level. The decrease was attributed to lower oil production costs and administrative expenses incurred from January to September this year.

For the third quarter, alone, Alcorn Gold registered a 4-percent rise in its net income to P10.75 million from P10.702 million a year ago.

Revenue in the third quarter dipped by 2 percent to P14.74 million, of which P0.921 million came from oil lifting activities and P11 million from treasury activities.

As of the end of September, the company’s total assets stood at P944 million. Total cash and cash equivalents increased by 3.35 percent due to interest and dividend income received from treasury activities. Receivables increased by 45 percent due to accrual of interest income.