MANILA, Philippines — Atlas Consolidated Mining and Development Corp. suffered a 65-percent drop in full-year earnings despite a better top line, as the company repaid loans and prices of copper decreased.
In a stock exchange filing on Wednesday, Atlas Mining pegged its consolidated net income at P1.1 billion in 2023, down from P3.2 billion a year earlier.
Meanwhile, revenues rose by 13 percent to P19.91 billion from P17.68 billion.
“The lower [net income after tax] was mainly due to lower copper prices in 2023 and the previous year’s recognition of one time gain on early payment of loan,” the copper and gold miner said.
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The average price of copper slumped by 15 percent to $3.81 per pound, from $4.51 per pound inclusive of hedging gains.On the other hand, the average price of gold increased by 8 percent to $1,949 per ounce from $1,804 per ounce.
Still, cash costs—or expenses paid in cash—decreased by 6 percent to P13.17 billion from P12.39 billion.