Atlas Mining profit drops 60% in first half of 2023

Atlas Consolidated Mining and Development Corp. recorded a decreased net income of PHP 803 million for the first semester of the year, from PHP 2 billion reported in the same quarter last 2022.

In a disclosure to the Philippine Stock Exchange (PSE), Atlas Mining said that the 60% decline was due to lower production and copper pricing in the global market.

From PHP 930 million last year to PHP 776 million as of end-June, they also reported a 17 percent drop in core income.

From PHP 7.92 billion, Atlas Mining’s costs and expenses reached PHP 8.18 billion, a 3.3 percent jump.

During the same period, gold prices increased by 3.06 percent, from $1,879 to $1,937 per ounce. However, pricing in copper metal lowered to $3.95 per pound from $4.45.

The company’s milling process also went from an average of 47, 851 dry metric tons (dmt) to 46, 984 dmt daily, due to decreased production of copper metal and gold.

Meanwhile, a 10% and eight percent rise in shipped copper concentrate and gold content was evident with 76,000 dmt and 12, 112 ounces, respectively.

The regulatory filing also showed a two percent slip in Carmen Copper Corp. (CCC), Atlas Mining’s wholly-owned subsidiary’s production from 8.66 million dmt to 8.5 dmt.

Atlas Mining reported charges of PHP 360.75 million, as compared to its income of PHP 461.42 million last year.

The company’s earnings dropped seven percent at PHP 3.61 billion before interest, tax, depreciation and amortization (EBITDA).