Stock Commentary

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

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

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.



Merkado Barkada is a free daily newsletter on the PSE, investing and business in the Philippines. You can subscribe to the newsletter or follow on Twitter to receive the full daily updates.

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.

vuukle comment




  • Latest
Are you sure you want to log out?

Philstar.com is one of the most vibrant, opinionated, discerning communities of readers on cyberspace. With your meaningful insights, help shape the stories that can shape the country. Sign up now!

Get Updated:

Signup for the News Round now

or sign in with