Atlas Consolidated Mining and Development Corp. said Monday net profit in the first half of 2023 dropped 60 percent year-on-year to P803 million, hurt by higher expenses and a decline in the price of copper.
Total revenue rose 4 percent to P10.1 billion which cash cost increased 10 percent to P6.5 billion. Core profit in the January-June period was down 17 percent to P778 million.
Total copper shipments in the first half rose 9 percent to 42.3 million pounds and 78,000 dry metric tons of copper concentrate. Total gold shipment reached 12,112 payable ounces.
Copper metal price stood at an average $3.95 a pound in the first half, lower by 11 percent from last year of $4.45/lb. However, gold price had increased to $1,937 an ounce from $1,879 per ounce in the same period of 2022.
