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Manila Bulletin devider Business devider The Stock Market devider Atlas Mining's earnings drop 67%

Atlas Mining's earnings drop 67%

Published Oct 23, 2023 07:37 am

Atlas Consolidated Mining and Development Corporation recorded a 67 percent drop in its net income to P1.68 billion in the first nine months of 2023 from P5.07 billion in the same period last year.

According to its disclosures to the Philippine Stock Exchange (PSE), the company registered only P880 million in revenues in the third quarter, significantly lower compared to P3.07 billion in the third quarter last year.

However, the company did see a seven percent increase in revenues for the first nine months of 2023 compared to 2022. It recorded P24.6 billion in revenues, comprising P10.1 billion in the first half of 2023 and P14.5 billion in the third quarter of 2023, which is higher than the P23 billion revenue collected in the first nine months of 2022.

Atlas Mining’s subsidiary Carmen Copper Corporation reported a 13.9 percent increase in copper metal production to P104 million pounds in the first nine months of this year from P91.4 million pounds in the same period last year. 

Copper metal prices decreased by six percent to $3.90 per pound in the 2023 third quarter compared to $4.15 per pound in the 2022 third quarter.

However, gold prices increased to $1,935 per ounce in the third quarter this year from $1,827 last year.

Earnings before interest tax, tax, depreciation, and amortization (EBITDA) also increased by 3.4 percent to P8.53 billion in the first nine months of 2023 from P8.25 billion in the same period in 2022.

 

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