05 March 2024

 

Manila, Philippines

 

Atlas Consolidated Mining and Development Corporation (“Atlas Mining”) ended 2023 with a consolidated Net Income After Tax (NIAT) of Php 1.1 billion, lower by 65% from Php 3.2 billion in 2022.  The lower NIAT was mainly due to lower copper prices in 2023 and the previous year’s recognition of one time gain on early payment of loan.

 

Copper metal price this year averaged at $3.81/pound, lower by 15% from previous year’s equivalent of $4.51/pound (inclusive of hedging gains).

 

Earnings before interest, tax, depreciation and amortization (EBITDA) was Php6.7 billion for the year, 23% higher compared to Php5.4 billion in 2022.