Apollo Gold (TSE:APG) Shows First Quarter Profit

Apollo Gold (TSE:APG) generated a profit in the first-quarter of $6.5 million, or 2 cents a share, much better than the $28.4 million, or 2 cents a share loss last year during the same quarter.

Gold revenue was $17.6 million for the quarter, with gold production of 14,175 ounces.

Guidance for gold production for 2010 was set at about 90,000 to 100,000 ounces for the entire year.

Profits came from a non-cash realized gain on financial instruments by the company.

Margins should also improve in the next couple of quarters the company said, as cash costs are expected to decline in the last half of 2010.