Atlas Mining’s net income declines
ATLAS Consolidated Mining and Development Corp. on Monday reported a second-quarter attributable net income of P538.36 million, down 31.2% from a year ago.
The decline comes as the listed mining company recorded a 21.4% drop in gross revenues to P4.93 billion from P4.06 billion previously.
In its regulatory filing, Atlas Mining reported a first-half net income of P802.55 million, lower by 60% than the P2 billion registered a year earlier.
Based on its unaudited financial statement, the company posted a 4% increase in gross revenues to P9.62 billion, 3.2% higher than the P9.32 billion recorded in 2022.
According to Atlas Mining, the price of copper metal during the period dropped by 11% to $3.95 per pound from $4.45 per pound a year ago.
Gold prices rose 3.1% to $1,937 per ounce from $1,879 per ounce last year.
Meanwhile, its wholly subsidiary Carmen Copper posted increases in production and shipment during the period.
Gold production stood at 12,925 ounces, up 15%, while copper output rose 17% to 42.71 million pounds.
The subsidiary’s shipments were 6% higher to 155.37. Of this figure, gold shipments by volume rose by 8% to 12,112 ounces while copper metal shipments rose by 9% to 42.37 million pounds.
On Monday, shares in Atlas Mining rose by five centavos or 1.37% to close at P3.70 each. — S.J. Talavera
