Apex posts 70% profit growth for Q1

APEX MINING CO, Inc. reported a 70% increase in its consolidated net income for the first quarter (Q1), reaching P1.4 billion, up from P852.7 million in the same period last year, driven by higher metal prices and a stronger peso.

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For the January to March period, Apex Mining saw a 33% rise in its consolidated gross revenues to P4.5 billion, from P3.4 billion in the same period last year.

During the period, Apex Mining sold 25,362 ounces of gold at a realized price of $2,953, reflecting a 7% decrease in volume compared to last year.

However, the lower volume was offset by the higher realized price, which was up 37% from $2,149 last year, the company said in a regulatory filing on Tuesday.