Apollo Global Capital doubles Q1 net loss as it continues to not mine iron ore
Apollo Global Capital [APL 0.04 4.26%] [link], the country’s only off-shore mining company, reported a P16.3 million net loss for Q1/22, which was almost double the P8.7 million net loss it incurred in the same period last year.
Revenues were flat, at “P0.00”, but an 80% increase in administrative expenses related to professional fees and salaries, among other things, caused the company’s expenses to drag the company’s performance down for the quarter.
The financial statement notes suggest that APL “expects to operate approximately seven (7) months in a year”.
MB BOTTOM-LINE
This feels like one of those malicious games of hide-and-seek that you play with that one cousin that nobody likes, where everyone just runs off to hide in someone else’s house to watch TV while the cousin, who is “it”, just wanders around, hopelessly lost.
Is the MB Siphon 1 that cousin that nobody likes?
As APL says in its report, the vessel has been in position since April of 2021. So, it’s just been sitting there for like a year.
Is APL snickering to itself back on land, watching TV with the cool kids, while the MB Siphon 1 is stuck just floating around offshore.
“Guys? Where are you? Are you even playing anymore?”
Who knows, MB Siphon 1. Who knows. It’s honestly hard to tell.
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Merkado Barkada's opinions are provided for informational purposes only, and should not be considered a recommendation to buy or sell any particular stock. These daily articles are not updated with new information, so each investor must do his or her own due diligence before trading, as the facts and figures in each particular article may have changed.
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