Apex Mining reports 33% jump in Q3 net profit

/ 05:26 AM November 15, 2019

Apex Mining Co. Inc. reported a consolidated net income of P149 million for the third quarter due to better ore grades, higher mill recoveries and bullish metal prices. This profit was an increase of 33 percent from P112 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 P157 million, up from P122  million in the same quarter  of 2018.


The parent company’s net income, however, was lower due to administrative costs of nonoperating subsidiaries such as Monte Oro Resources and Energy Inc. and Itogon-Suyoc Resources Inc.

Recovery rate for the quarter increased to 88 percent for gold and 82 percent for silver, while average realized prices for gold and silver were pegged at $1,472 an ounce and $17 an ounce, respectively.


Favorable prices were able to increase the company’s sales despite lower gold output. Gold sold during the  quarter was lower at 15,724 ounces compared to 20,218 ounces last year, while silver sales were higher at 19,153 ounces from 68,759 ounces last year.

Apex said it continued to improve the efficiency level of its Maco mine in Compostela Valley, while full blast construction was ongoing for the rehabilitation of the company’s Sangilo mine in Itogon.

Developments are also expected at Apex’s Sampaguita gas field offshore northwest of Palawan.

Subscribe to Inquirer Business Newsletter
Read Next
Don't miss out on the latest news and information.
View comments

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: apex mining co. inc., net profit
For feedback, complaints, or inquiries, contact us.

© Copyright 1997-2020 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.