Apex Mining Firm announced an attributable net income of P679.56 million in the third quarter owing to higher sales and higher gold prices, according to the stock exchange filing on Tuesday.
This year the profits attributable to the parent company’s stock investors contributed to P148.94 million, although the company’s quarterly sales grew by 102.3 percent to P2.59 billion, up from P1.28 billion in the same span last year.
Over the same year, Apex Mining produced an attributable net income of P991.68 million, or more than four times that of P227.54 million in the previous year. Net profits has been the best in the company’s history over the last nine months.
In addition, sales for the duration from January to September grew 26.7% to P4.60 billion from P3.63 billion a year earlier.
Luis R. Sarmiento, Chairman and Chief Executive of Apex Mining, credits the resilience of his company’s staff during the quarter with strong financial performance amid the pandemic of coronavirus disease. Our focus remains to be the wellbeing and welfare of our citizens. After all a safe workforce is what pushes a mine to run effectively and profitably,” Mr. Sarmiento said.
Apex Mining has no reported cases of COVID-19 at the Maco mining site in Davao de Oro, said the firm.
The firm announced that the average realized price of gold rose from $1,472 to $1,902 during the period, while silver also increased to $24 compared to $17.
Although gold and silver revenues rose during the quarter by 66% and 51% respectively, the company noted that mining output is being threatened by government controls on the flow of materials and manpower by the government in order to reduce the spread of COVID-19.
The firm stated that they are still waiting for details about what will happen to the Sampaguita gas field offshore the northwest of Palawan under Operation Contract 72, where Monte Oro Resources & Oil, Inc. (MORE), a majority-owned subsidiary, will work as a participant.