Apex Mining reports 33% jump in Q3 net profit

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.