Apex Mining posts P29.2M net loss in Q1

Apex Mining Co., Inc. posted a net loss of P29.2 million in the first quarter of 2013 due to lower peso-dollar exchange rate and weaker prices of gold and silver.

The figure, reflected in the listed mining firm's regulatory filing, was a contrast to the P50.2 million net profit the company reported in the same period last year.

From January to March this year, Apex Mining's sales fell by 10 percent to P402 million against P445 million in the same period last year.

Apex Mining operates a mine in Compostela Valley.  

The realized gold price per ounce (oz) for the first quarter of 2013 was placed at an average of $1,616 against $1, 672 in the same period last year.

On the other hand, the volume of gold shipped during the period totaled 5, 733 oz against 5, 612 oz in the same period last year.

Realized silver price per ounce for the first quarter averaged $30.0 against $32.1. The volume of silver shipped during the period totaled 30,311 oz against 24,465 oz shipped in the same period last year.

The weighted foreign exchange rate during the first quarter of the year was $40.41 to $1 against $43.14 in the same period last year.

The cost of sales for the first quarter of the year fell to P283 million against P288 million incurred in the same period last year.

General and administrative expenses for the first quarter rose by 25 percent to P145 million against P117 million incurred in the same period last year.

The increase was mostly attributed to increase of P10.3 million in depreciation, depletion and amortization related to acquisitions of property and equipment, and P8.0 million increase in personnel costs due to migration to a new salary scheme that resulted in salary increases.

In the first quarter of the year, Apex Mining produced a total of 57,876 tonnes of gold ore with an average grade of 5.04 grams per tonne. In 2012, it reported a net loss of P56 million against net loss of P39 million  in 2011.  — KBK, GMA News