Atlas Mining bottom line dropped 65% in 2023
By Jordeene B. Lagare | Philippine Daily Inquirer | March 07, 2024 2:18AM
MANILA, Philippines — Atlas Consolidated Mining and Development Corp. suffered a 65-percent drop in full-year earnings despite a better top line, as the company repaid loans and prices of copper decreased.
In a stock exchange filing on Wednesday, Atlas Mining pegged its consolidated net income at P1.1 billion in 2023, down from P3.2 billion a year earlier.
Meanwhile, revenues rose by 13 percent to P19.91 billion from P17.68 billion.
“The lower [net income after tax] was mainly due to lower copper prices in 2023 and the previous year’s recognition of one time gain on early payment of loan,” the copper and gold miner said.
The average price of copper slumped by 15 percent to $3.81 per pound, from $4.51 per pound inclusive of hedging gains.On the other hand, the average price of gold increased by 8 percent to $1,949 per ounce from $1,804 per ounce.
Still, cash costs—or expenses paid in cash—decreased by 6 percent to P13.17 billion from P12.39 billion.
Source: Inquirer.Net
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