Atlas Consolidated Mining and Development Corporation recorded a consolidated Net Income After Tax (NIAT) of Php 1.1 billion in 2023, marking a 65% decrease from the previous year’s figure of Php 3.2 billion.
The decline in NIAT was primarily attributed to lower copper prices in 2023 and the recognition of a one-time gain on the early payment of a loan in the preceding year.
The copper metal price for the current year averaged $3.81 per pound, representing a 15% decrease from the previous year’s equivalent of $4.51 per pound.
Despite this, Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA) for the year reached Php 6.7 billion, reflecting a 23% increase compared to Php 5.4 billion in 2022.
