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Manila Bulletin devider Business devider The Stock Market devider Atlas Mining profits fall 65%

Atlas Mining profits fall 65%

Published Mar 10, 2024 12:55 pm

Copper producer Atlas Consolidated Mining and Development Corporation reported a 65 percent fall in consolidated net income to P1.1 billion last year from P3.2 billion in 2022.

atlas mining carmen copper.jpg
Mining operations conducted by Carmen Copper Corporation

In a disclosure to the Philippine Stock Exchange, the firm said the lower profit was mainly due to lower copper prices last year and the recognition of a one-time gain because of the early payment of a loan in 2022.

Copper metal price in 2023 averaged $3.81 per pound, lower by 15 percent from the previous year’s equivalent of $4.51 per pound (inclusive of hedging gains).

However, gross revenues still grew by 13 percent to P19.91 billion last year from P17.68 billion in 2022 as operating subsidiary Carmen Copper Corporation reported to have milled 16.9 million dry metric tons (DMT) of ore last year, slightly lower than the P16.86 million DMT in 2022.

Revenues were boosted by a 10 percent improvement in ore grade to 0.265 percent in 2023 from 0.241 percent in 2022 which resulted in an 11 percent growth in copper concentrate output to 152,000 DMT from 137,000 DMT in 2022.

Gross copper metal produced rose 13 percent to 84.1 million pounds from 74.45 million pounds while gold production grew 20 percent to 26.82 million ounces from 22.34 million ounces in 2022.

However, revenue growth was offset by faster growth in operating costs, depreciation, tax and royalties, as well as financing charges.

Earnings before interest, tax, depreciation, and amortization (EBITDA) was P6.7 billion for the year, 23 percent higher compared to the P5.4 billion registered in 2022.

Related Tags

Carmen Copper Corporation Atlas Consolidate Mining Development Corporation
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