Atlas Consolidated Mining and Development Corp. said profit last year dropped 17 percent to P3.2 billion from P3.9 billion in 2021.
The company said the unprecedented spike in fuel and energy resulted to higher operating and production costs which, coupled with lower production due to a significant rainfall volume, dragged profitability in Atlas’ Carmen Copper mine in Cebu.
The did not provide topline figures.
“Copper metal prices this year stood at $4.02 per pound, lower by 6 percent from last year’s $4.26 per pound but gold price increased from $1,802 per ounce to $1,804 per ounce in 2022,” Atlas said.
Earnings before interest tax depreciation and amortization declined 45 percent to P5.4 billion from P9.7 billion.
Atlas said Carmen Copper was able to pay $97.6 million in loan obligations from internally generated funds. – Ruelle Castro
