Atlas Consolidated Mining and Development Corporation reported a 12 percent decline in net income to P3.07 billion in the third quarter of 2022 from the P3.48 billion earned in the same period last year.
In a disclosure to the Philippine Stock Exchange, the firm said gross revenues eased 9 percent to P13.31 billion in the third quarter this year from P14.65 billion in the same period of 2021.
Atlas Mining’s wholly-owned subsidiary, Carmen Copper Corporation, reported lower copper metal production of 54.82 million pounds in 2022 from 64.09 million pounds in 2021 due to lower tonnage milled.
In the third quarter of 2022, milling tonnage decreased by 11 percent from 14.22 million tons to 12.60 million tons.
The reduction in copper metal production was mainly due to inclement weather experienced during the first four months of the year and this quarter.
Copper grades decreased by 3 percent from 0.246 percent to 0.238 percent.
Gold production decreased year-on-year by 13 percent from 19,562 ounces to 16,923 ounces due also to lower gold grades from 5.38 grams per dry metric ton to 5.36 grams per dmt.
Copper metal content of concentrate shipped decreased by 12 percent to 56.90 million pounds and gold content decreased by 11 percent to 16,377 ounces from 18,415 ounces.
Metal prices remained low in the third quarter of this year where copper price decreased by 2 percent from $4.22 per pound to $4.15 a pound but gold price increased by 1 percent from $1,803 an ounce to $1,827 per ounce compared to the same period last year.
Earnings before interest, tax, depreciation and amortization (EBITDA) was P4.37 billion for the three quarters of 2022 compared to P8 billion in 2021.
Operating cost was adversely affected by higher energy and fuel prices, and higher waste charged to operations.
Accordingly, cash generated from operations improved which enabled the additional loan payment of $74.6 million of Atlas Mining’s loans on the three quarters of 2022.
With the partial repayment of loan, an accounting gain of P1.45 billion was recognized in the third quarter of 2022.