Atlas Corp recovered from last year’s loss with a net income of P475 million for the first quarter of 2018. , from the P211 million the company lost last year.
This in comparison to the P 211 million income they lost back in 2017.
Revenues on higher metal production and prices for January to March 2018 increased nearly 50 percent to P4.1 billion, the company reported in a regulatory filing.
“The commodities market remained strong in the first quarter of the year with higher metal prices year-on-year,” the company said in a statement.
Copper metal produced in the company’s owned Carmen Copper Corp. increased 16 percent from 17.55 million pounds to 20.32 million pounds.
Gold production improved as well year-on-year by 59 percent from 4,120 ounces to 6,537 ounces.
Copper prices increased up to 19 percent at $2.63 per pound. Average realized gold price increased to $1.330 per ounce.
Cash costs were also higher by 33 percent from P2.05 billion to P2.72 billion amid the increase in production and shipment while average cost per pound remained stable at $1.77 per pound.
