Atlas Consolidated says lower metals prices, forex losses depress 9-month net income

Atlas Consolidated Mining and Development Corporation reported a 20 percent drop in its nine-month net income to P1.63 billion, citing lower metal prices and foreign exchange losses.

 

In an e-mailed statement Thursday, the listed miner said unrealized foreign exchange losses totaled P698.57 million on dollar-denominated debts compared to an unrealized foreign exchange gain of P434.47 million in the same period last year. Without the foreign exchange losses, net income would have registered at P2.32 billion.

 

Core income jumped by 21 percent to P2.10 billion on the back of increased production and lower costs.

 

“The latest results of our operations clearly indicate that we are on the right track in optimizing production and reducing costs," executive vice president Adrian Ramos said in a statement.

 

Revenues reached P10.98 billion, 3 percent lower year-on-year due mainly to lower realized copper metal prices, offsetting higher revenues from gold production. 

 

Wholly-owned subsidiary Carmen Copper Corporation registered a 3 percent increase in copper output to 68.86 million pounds of copper metal in concentrate form while gold production increased by 50 percent to 15,188 ounces. The average daily milling capacity registered at 44,997 tons per day.

 

In the third quarter alone, Carmen Copper achieved a record quarterly production of 24.82 million pounds of copper metal in concentrate form, 14 percent higher than the same period last year, while gold production also increased by 97 percent to 6,053 ounces. 

 

"With more efficient operations in place, we are prepared to grow our capacity further as we approach the completion of our expansion project that will generate a target throughput of at least 60,000 tons per day,” Ramos said. – Danessa Rivera/VS, GMA News