Connect with us

Hi, what are you looking for?


Apex Mining net income grows on higher revenues, gold prices

Apex Mining Co.’s attributable net income surged nearly five times to P679.56 million in the third quarter due to higher revenues and better gold prices, the listed mining company said in a stock exchange disclosure on Tuesday.

Its three-month income attributable to the parent firm equity holder compares with P148.94 million posted last year.

Revenues for the quarter also rose 102.3% to P2.59 billion, against P1.28 billion a year ago.

For the nine-month period, Apex Mining’s attributable net income rose to P991.68 million, or more than four times the P227.54 million registered a year ago.

The company claimed that its nine-month net income is the highest in its history.

Further, the company’s revenues from January to September also climbed 26.7% to P4.60 billion, versus the P3.63 billion it posted a year ago.

Apex Mining President and Chief Executive Officer Luis R. Sarmiento credited the resilience of the company’s team in its mine sites for the positive financial performance during the quarter amid the coronavirus disease 2019 (COVID-19) pandemic.

“Our priority is still the health and safety of our people. After all, a healthy workforce is what drives a mine to operate efficiently and profitably,” Mr. Sarmiento was quoted as saying.

Apex Mining has no recorded COVID-19 cases in its Maco mining site in Davao de Oro, it said.

The company said the averaged realized gold price during the quarter rose to $1,902 per ounce from $1,472 while silver also improved to $24 per ounce compared with $17.

Gold and silver sold during the quarter climbed 66% and 51% to 26,031 ounces and 140,240 ounces, respectively.

“Production from the mine, however, faces a challenge from the imposition of restrictions in the movement of supplies and manpower by the national and local governments to minimize the further spread of COVID-19,” the company said.

“Developments are still being awaited over the Sampaguita gas field offshore northwest of Palawan covered by Service Contract 72 where Monte Oro Resources & Energy, Inc. (MORE), another wholly-owned subsidiary, holds a 30% participating interest,” it added.

On Tuesday, shares in Apex Mining rose 0.52% or one centavo to close at P1.95 per piece. — Revin Mikhael D. Ochave

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!



GROSS BORROWINGS by the National Government had reached P2.75 trillion as of end-October as it continued to raise money for its pandemic response, preliminary...


By Luz Wendy T. Noble, Reporter THE PHILIPPINE Statistics Authority (PSA) said the base year for the consumer price index (CPI) will change to...


SOME INDIAN COMPANIES, including those from the pharmaceutical industry, are interested in investing in economic zones in the Philippines, according to an India Business...


By Keren Concepcion G. Valmonte, Reporter HOSPITALITY GROUPS expect a rebound in tourism as coronavirus disease 2019 (COVID-19) vaccination rates continue to improve and...


BUSINESSWORLD’s Luz Wendy T. Noble was recognized as the Best Reporter of the Year for Banking at the 30th annual awards of the Economic...


THE Securities and Exchange Commission (SEC) has flagged eight more entities in separate advisories for their unregistered investment solicitation programs. These offerings are PH...

You May Also Like


Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition stronger...


Ivermectin, an existing drug against parasites including head lice, has had a checkered history when it comes to treating COVID-19. The bulk of studies...


As a traditionally rigid insurance industry becomes bogged down by antiquated processes and operations, a handful of industry leaders are seeking to shake things...


Insomnia is the most common sleep disorder in the global population. Therefore, it is a problem that many people suffer or have suffered throughout...

Disclaimer:, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.