Atlas Consolidated Mining and Development Corp. said Wednesday it ended 2023 with a consolidated net income of P1.1 billion, down 65 percent from the previous year due mainly to lower copper prices.
The listed copper producer said the recognition of one-time gain from the early payment of a loan also bolstered the numbers for 2022 to P3.2 billion.
Atlas said copper metal price last year averaged at USD3.81 per pound, lower by 15 percent from previous year’s $4.51 per pound, inclusive of hedging gains. Earnings before interest, tax, depreciation and amortization was P6.7 billion for the year, 23 percent higher compared to P5.4 billion in 2022.
Total copper metal output was up 13 percent to 84.1 million pounds while gold production rose 20 percent to 26,818 ounces.
Gold price average USD1,949 an ounce, up 8 percent year-on-year.
