Atlas Consolidated Mining and Development Corporation has recorded Php 3.2 billion in consolidated net income after tax (NIAT) in 2022, the company reported in a stock exchange filing.
The recorded NIAT for the end of 2022 is 17% lower than the Php 3.9 billion recorded in 2021.
“The Lower NIAT was mainly due to the unprecedented spikes in fuel and energy prices that resulted in higher operating and production costs, as well as lower production levels, brought about by significant heavy rainfall volumes experienced by its wholly-owned operating mine, Carmen Copper Corporation (CCC),” the company said in a disclosure to the Philippine Stock Exchange.
Atlas Mining’s earnings before interest, tax, depreciation, and amortization (EBITDA) were at Php 4.5 billion, 45% lower versus the Php 9.7 billion recorded in 2021.
Atlas Mining also disclosed that CCC was able to pay its loan obligations of $97.6 million.