Apollo Global Q1 net loss: P7.9-M (up 32%)

Apollo Global Capital [APL 0.01, up 10.0%; 6% avgVol] [link] posted a Q1 net loss of P7.9 million, which was actually 32% better than its Q1/23 net loss of P11.5 million. The company’s Management’s Discussion and Analysis section is still just a “Plan of Operations” because the company still has yet to earn a single peso of revenue from the offshore mining operation that it was supposed to have started in early 2021. APL’s current President, Bonner Dytoc, was appointed back in late 2022 after the company’s previous President resigned.

MB bottom-line: Longtime readers will know how closely I’ve been following the trials and tribulations of the MB Siphon 1, the vessel that APL allegedly plans to use to eventually conduct its offshore mining. It’s now been 1199 days since APL reported that the MB Siphon 1 was “in position” and “ready to commence operations” before a series of storms, mechanical mishaps, financial transactions, big waves, and training outages conspired to keep the boat from its one and only purpose. I get the sense that even the PSE is getting fed up with the situation, which says a lot considering what they’ve been willing to tolerate from other companies; the PSE officially required APL to disclose the status of the MB Siphon 1 last month, and in response, APL said that the MB Siphon 1 is “currently undergoing its equipment maintenance and continuous enhancements to ensure safety, durability, and operational efficiency.” APL went on to say that it will commission another vessel to “supplement our operations for the year”. And the kicker: APL said that it is “on track to anticipate initial shipments within the second quarter of this year.” On track to anticipate? 60% of the time, that wordplay works every time.

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