Atlas losses swell by 6% to P37 million
Atlas Consolidated Mining and Development Corp. saw its net loss increase by six percent to P37 million in the first quarter despite better production.
In a regulatory filing, Atlas said revenues dropped 10 percent to P4.04 billion.
Earnings before interest, tax, depreciation and amortization, however, rose six percent to P1.62 billion as the decline in revenues more than offset the decrease in cash costs.
Copper metal produced in the company’s wholly owned Carmen Copper Corp. increased by two percent to 27.47 million pounds as ore milled improved to 4.45 million metric tons.
Gold production also improved year-on-year by 14 percent to 11,169 ounces amid higher tonnage milled and higher realized ore grades.
Copper concentrate shipped decreased by five percent to 47,000 MT.
Copper metal content also went down four percent to 26.6 million pounds but gold content improved by nine percent to 9,626 ounces.