Quantcast
Latest Stories

Atlas Mining posts 52% drop in H1 profit

By

Atlas Consolidated Mining and Development Corp. suffered a 52-percent year-on-year drop in its first semester net income to P750 million.

In a statement, the firm said the plunge was “due mainly to unrealized foreign exchange losses on dollar-denominated debt.”

Atlas Mining said it had foreign currency risks arising from its cash and cash equivalents, receivables, deposit, accounts payables and accrued liabilities, loans payable and long-term debt.

Losses are incurred when the peso depreciates against foreign currencies like the dollar.

The copper and gold miner also said that without such losses, its net income would have been P1.35 billion, or a year-on-year decrease of some 13 percent.

Also, Atlas Mining saw its core income fall by 11 percent to P1.17 billion, attributed mainly to lower realized metal prices.

Its revenue fell by 14 percent to P7.05 billion.

“As we recognize the challenges of weaker global commodity prices, we remain focused in our strategy to continually reduce costs, increase production and improve further our operational efficiency,” Atlas Mining executive vice president Adrian Ramos said in a statement.

Ramos said that in July, wholly-owned Carmen Copper Corp. reached a peak milling capacity of 50 thousand tons daily.

“(This) tells us that we are gaining some momentum as a result of a more efficient operation,” he said. “Likewise, we are expecting to deliver better ore grades to the mill by the second half of the year as we continue developing the Carmen pit.”


Follow Us


Follow us on Facebook Follow on Twitter Follow on Twitter


Recent Stories:

Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines.

Tags: Business , economy , mining , News



Copyright © 2014, .
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City, Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94
Advertisement
Advertisement

News

  • Cardinal Tagle: Start new life with true peace
  • ‘Dry spell’ delayed, thanks to busted valve
  • At 77, Erap has Easter treat for Manila cops but keeps City Hall folk in agony
  • Joy Belmonte defends council, waste-to-energy tech
  • House bill seeks special body to manage, protect Manila Bay
  • Sports

  • Pacquiao top Mayweather contender
  • Rain or Shine, Ginebra clash for No. 6 spot
  • Ateneo eyes quarterfinal spot vs Benilde
  • Style contrast marks OneFC ‘Rise of Heroes’
  • ‘Pacquiao a great ambassador for basketball’
  • Lifestyle

  • Levine designs womenswear with help from fiancee
  • Gabriel Garcia Marquez, Nobel laureate, dies at 87
  • Ford Mustang turns 50 atop Empire State Building
  • Pro visual artists, lensmen to judge Pagcor’s photo contest
  • ‘Labahita a la bacalao’
  • Entertainment

  • Why ‘Noah’ can’t dock his ark at Philippine theaters
  • Acclaimed artist goes wild while on holiday
  • Believing in this mermaid
  • Missing Xian
  • Awarded TV couple brings Jesus’ life to the big screen
  • Business

  • Top-selling insurance agent opens her dream café
  • Connecting and transacting with one another
  • Building wealth for health
  • Why Mandaue Foam buys, rather than rents, space
  • A workplace of new possibilities
  • Technology

  • Nasa’s moon-orbiting robot crashes down
  • Netizens pay respects to Gabriel Garcia Marquez
  • Nokia recalls 30,000 chargers for Lumia 2520 tablet
  • Facebook rolls out ‘nearby friends’ feature
  • Netizens seethe over Aquino’s ‘sacrifice’ message
  • Opinion

  • Epiphany
  • Unpaid creditor vs distressed debtor
  • Moving on
  • From culinary desert to paradise
  • Response to China: ‘Usjaphil’
  • Global Nation

  • Cesar Chavez movie sparks memories of Fil-Am labor leaders
  • Filipinos in US poised for success
  • Visas for priests and other faith leaders
  • DOH to continue tracking co-passengers of OFW infected with MERS virus
  • 5 Filipinos with MERS in UAE reported in stable condition
  • Marketplace