Apex Mining swings to profitability with P898-M income

APEX MINING CO., INC. posted P897.95 million in third-quarter consolidated net income on the back of higher production and revenues, reversing its P624.35-million net loss a year ago.

In a stock exchange disclosure on Monday, the listed mining company said its gross revenues rose by 43.8% to P2.74 billion. Of the total, gold accounted for P2.63 billion while silver made up P111.38 million.

According to Apex Mining, its gold and silver production rose 35% and 15% to 26,962 ounces and 100,899 ounces, respectively. Its Maco mine milled 209,585 tons, 14% higher year on year with a mill throughput of 2,334 tons per day with mill grades of 4.02 grams per ton for gold and 18.72 grams per ton for silver.

It added that in the third quarter, the foreign exchange rate averaged P56.62 versus P50.30 in the same quarter last year or an increase of 13%.

For the nine-month period, Apex Mining posted P2.46 billion in net income, a reversal of the P135.73-million net loss recorded in the same period last year.

Gross revenues for the January-to-September period reached P7.51 billion, up from P4.99 billion in the same period last year.

It said milling throughput for the Maco mine site was 601,730 tons or 2,299 tons per day, as compared with 514,008 tons or 2,017 tons per day for the same period a year ago.

“The weighted average foreign exchange rate during the comparative period was P53.85 and P49.03 to one dollar, a gap of 10%,” it added.

On Monday, shares in Apex Mining rose P0.02 or 1.31% to close at P1.55 apiece. — Revin Mikhael D. Ochave