Apex Mining income up 21% in H1

Apex Mining Co., Inc. reported a consolidated net income of P216 million for the first semester of 2018 amid record-high production output, an increase of 21 percent from P178 million in the same period last year.

In a disclosure to the Philippine Stock Exchange, Apex said the parent company alone posted a net income of P235 million, up 14 percent from P206 million in 2017.

The company’s consolidated net income was lower due to the administrative costs of non-operating subsidiaries Monte Oro Resources and Energy Inc. and Itogon-Suyoc Resources Inc.

Overall, Apex chalked up P2.4 billion in revenues for the first half of the year, jumping 21 percent from P1.89 billion year-on-year due to record output from the company’s mines.

Gold production reached a new first half record of 32,334 ounces, up 10 percent from the previous record of 24,919 ounces last year. For the second quarter, gold output exceeded the company’s previous all-time quarterly production record at 16,564 ounces.