Despite the high revenues, Atlas Consolidated Mining and Development Corp. reported a net loss of P 35 million during the first quarter of 2019 due to lower metal pricing in the global market.
In a regulatory filing, the local bourse listed firm said net loss for this year’s January to March quarter is lower compared the P 475 million registered last year.
The company’s revenues, on the other hand, experienced a nine percent increase to P 4.47 billion while earnings before interest, tax, depreciation, and amortization is eight percent higher at P 1.53 billion.
Meanwhile, Atlas’ wholly owned Carmen Copper Corp.’s metal production was up 35 percent to 27.47 million pounds as there was a 4.36-million metric ton improvement in the latter’s milled ores.
Gold production also showed 50 percent increase this year’s first quarter to 9,828 ounces from 6,537 ounces in the same time during 2018.
With both copper and gold content increasing 23 percent to 27.72 million pounds and 29 percent to 8.819 ounces respectively, Atlas managed to ship 49,500 metric tons or a growth equivalent to 26 percent.
However, all these positive performances by the mining company was downplayed by low global metal pricing with copper prices declining 11 percent to $ 2.81 per pound and gold’s average pricing also decreasing realized only at $ 1,305 per ounce.
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