Listed Apex Mining Co., Inc. on Thursday said it swung back to net profit last year after incurring a net loss a year earlier, mainly because of its record output of gold and silver metals in its Compostela Valley operations.
In a disclosure to the Philippine Stock Exchange, the miner said its consolidated net income last year reached P71 million, a reverse from the consolidated net loss of P389.9 million reported a year ago.
Parent company net income amounted to P168.9 million, before reflecting a loss of P97.9 million in the consolidation of the company subsidiaries’ accounts.
Meanwhile, earnings per share during the period in review amounted to P0.01, compared to the loss of P0.12 per share in 2014.
In addition, parent company earnings per share amounted to P0.03 in 2015, compared to the loss of P0.12 per share in 2014.
Revenue for the period amounted to P2.4 billion, higher by 40 percent than the P1.7 billion revenue reported the previous year.
“This was achieved from the record output of the company’s Maco mine in Compostela Valley producing 43,048 ounces of gold and 224,479 ounces of silver in 2015, surpassing the 28,802 ounces of gold and 158,754 ounces of silver produced in 2014 which heretofore was the highest level in the company’s operating history,” Apex told the PSE.
The increase in revenue was achieved in spite of the lower average metal prices that prevailed last year as compared with 2014.
The gold price was at $1,158 per ounce while silver was at $16 per ounce in 2015, 8 percent and 16 percent lower than the respective average prices per ounce of $1,262 and $19 in 2014.
The miner’s earnings, before interest, taxes, depreciation and amortization (Ebitda), amounted to P551.4 million for the year versus the Ebitda of P135.1 million in 2014.
“We are indeed fortunate that even with all of the issues that confronted the company during the year, it managed to come out with net earnings to break the chain of net losses in previous years. Thanks to the perseverance and resilience of its people and the understanding and cooperation of all the other stakeholders, which greatly helped in making this accomplishment possible,” Walter Brown, president and chief executive officer said.
Further, the miner said that its acquisition of Itogon-Suyoc Resources Inc. capped the parent company’s capital expenditures during the period, as total expenditures reached P2.6 billion.
ISRI has mining claims in Itogon and Suyoc, Benguet, with existing mill and production facilities in Sangilo. By the fourth quarter of the year, the ball mill of the Sangilo mine was restarted following years of inactivity since 1996.