Atlas Mining income down 65% in 2023

LISTED Atlas Consolidated Mining and Development Corp. announced on Wednesday a net income of P1.12 billion for 2023, down 65% from P3.22 billion a year prior.

In a disclosure, Atlas Mining said that the decline was mainly due to the lower prices of copper in 2023 and a one-time gain on its early payment loans.

“Copper metal price this year averaged at $3.81 per pound, lower by 15% from the previous year’s equivalent of $4.51 per pound,” it said.

The mining firm said that revenues rose 13% to P19.91 billion from P17.68 billion in 2022.

Earnings before interest, taxes, depreciation, and amortization went up by 23% to P6.7 billion from P5.4 billion in 2022.

Meanwhile, the company’s subsidiary Carmen Copper Corp. recorded an increase in gold and copper production and shipments last year.

Its gold production went up by 20% to 26,818 ounces while copper output rose by 13% to 84.1 million pounds.

Carmen Copper saw a 9% jump in copper shipments to 83.57 million pounds.

The subsidiary’s gold shipments likewise increased by 20% to 25,366 ounces.

Carmen Copper is the operator of Atlas Mining’s copper mines in Toledo, Cebu, which produces and exports copper metal in concentrate, and gold and silver as the principal by-products. It exports 100% of the copper to smelters in China and Japan.

At the stock exchange on Wednesday, shares for Atlas Mining fell by 3.22% or 11 centavos to close at P3.31 per share. — Adrian H. Halili