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Atlas Consolidated net income down 17% in 2022

Atlas Consolidated Mining and Development Corp. reported a 17% drop in its net income for the past year, as higher fuel and energy prices inflated operating and production expenses during the period.

In a local filing to the local bourse, Atlas Mining said its net income fell to P3.2 billion from P3.9 billion in 2021, as cash costs jumped by 38% to P12.397 billion while gross revenues slipped by 4% to P17.680 billion.

“The lower (net income after tax) was 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,” it said.

The miner said the rainfall impacted operations of its wholly-owned operating mine Carmer Copper Corporation, which has operating rights over mineral resources and ore reserves of Carmen, Lutopan, and Biga mineral deposits collectively known as the Toledo copper mine.

Copper metal price for the year fell at 6% to $4.02 per pound from the $4.26 per pound the previous year, while the price of gold increased to $1,804 per ounce from $1,802 per ounce previously.

Atlas and its subsidiaries currently own and/or hold operating rights to several mining claims covered by Mineral Production Sharing Agreements, including three in Cebu.

Shares in the company were trading up P0.08 or 1.92% at P4.25 apiece as of 1:09 p.m. on Monday. —KBK, GMA Integrated News