APEX Mining Co., Inc. reported an attributable net income of P1.31 billion for the third quarter (Q3), a 27.2% increase from P1.03 billion last year, driven by improved ore sales.
In a disclosure, the company’s revenues rose 28.3% to P3.9 billion from P3.04 billion in the same period a year ago, amid an increase in gold and silver sales.
Gold revenues rose 28.8% to P3.76 billion from P2.92 billion, with total volumes reaching 25,112 ounces.
Sales from silver were at P136.69 million, a 17.1% jump from P116.71 million a year ago. Total silver volumes were 80,331 ounces for the July to September period.
The price of gold for the three-month period rose 33% to an average of $2,545 per ounce from $1,913 per ounce a year ago, while the average price of silver went up 28% to $29.50 per ounce from $23.07 per ounce.
“Higher tons milled and the surge in gold prices are the main drivers of this period’s good performance,” Apex Mining President and Chief Executive Officer Luis R. Sarmiento said.
Apex Mining operates the gold and silver mines in Maco, Davao de Oro and in Itogon, Benguet through its subsidiary Itogon-Suyoc Resources, Inc.
Meanwhile, the company reported a 32.9% increase in net income to P3.07 billion for the nine months ending September from P2.31 billion in 2023.
Revenues went up 24.2% to P10.84 billion for the January-to-September period from P8.73 billion the same period last year.
Apex Mining shares went down by 3.05% or 11 centavos to close at P3.5 apiece on Thursday. — Adrian H. Alternate
