Atlas Consolidated Mining and Development Corp. said Monday net income last year declined 17 percent to P3.2 billion from P3.9 billion in 2021, pulled down by higher fuel costs, as well as lower mine output and copper price.
The mining company said its earnings was hurt by “the unprecedented spikes in fuel and energy prices that resulted in higher operating and production costs as well as lower production levels brought about by significant heavy rainfall experienced by its wholly-owned operating mine, Carmen Copper Corp.”
Atlas Consolidated said copper metal price in 2022 was down 6 percent to $4.02. Gold prices last year was up at $1,804 an ounce from $1,802 per ounce in 2021.
Earnings before interest, tax, depreciation and amortization was P5.4 billion for the year, 45 percent lower compared to P9.7 billion in 2021.
Atlas Consolidated said Carmen Copper was able to pay its loan obligations amounting to $97.6 million coming from internally generated funds.
