Atlas Mining Reported Php3.2 Billion Net Income in 2022

By: Philippine Resources March 13, 2023

Photo credit: Atlas Consolidated Mining and Development Corporation

Atlas Consolidated Mining and Development Corporation ended 2022 with a consolidated Net Income After Tax (NIAT) of Php 3.2 billion, lower by 17% from Php 3.9 billion in 2021. The lower NIAT was mainly due to 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 volumes experienced by its wholly-owned operating mine, Carmen Copper Corporation (“CCC”).

Copper metal price this year stood at $4.02/pound, lower by 6% from last year of $4.26/pound but gold price increased from USD1,802/ounce to USD1,804/ounce in 2022.

Earnings before interest, tax, depreciation and amortization (EBITDA) was Php5.4 billion for the year, 45% lower compared to Php9.7 billion in 2021.

CCC was also able to pay its loan obligations amounting to $97.6 million coming from internally generated cash.


Article courtesy of the Philippine Stock Exchange 


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