Atlas Mining’s income slips by almost 12% to P3 billion

ATLAS Consolidated Mining and Development Corp. reported a net income of P3.07 billion in the third-quarter, 11.7% lower than P3.48 billion in the same period last year, after booking lower revenues.

In the quarter, the company’s gross revenues amounted to P13.31 billion, 9.2% lower than the P14.65 billion recorded in 2021.

For its core income, Atlas Mining swung to profitability during the three months ending September to P3.34 billion from a loss of P112 million in the same period last year.

In the summary of its financial results during the period, the listed mining company’s cash cost totaled P9.02 billion, 32.2% higher than the P6.82 million a year ago.

Meanwhile, the company’s wholly owned subsidiary Carmen Copper Corp. posted 54.82 million pounds of copper metal production in the quarter, 14.5% lower than the P64.09 million pounds of copper metal produced last year.

“The reduction in copper metal production was mainly due to inclement weather experienced during the first four months of the year and this quarter,” the company said.

Its gold production in the third-quarter was also lower by 13.5% at 16,923 ounces from 19,562 ounces last year attributed to lower gold grades at 5.36 grams per dry metric ton.

The company said that the metal prices remained low in the quarter as the price of copper decreased by 2% to $4.15 per pound, while the price of gold increased by 1% to $1,827 per ounce.

The company’s number of shipments was lower by 6.5% to 21.50 from 23 shipments in the same period last year.

On the stock market on Tuesday, shares in Atlas Mining climbed by 15 centavos or 4.48% to P3.50 apiece. — Justine Irish D. Tabile

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The article was originally published in Business World.