Atlas Mining incurs P35-M loss in 3 months

MANILA, Philippines — Listed Atlas Consolidated Mining and Development Corp. registered a net loss in the first quarter of the year amid lower global prices.

In a regulatory filing, Atlas said net loss for January to March amounted to P35 million, a reversal from the P475 million income earned in the same period last year.

This despite revenues increasing nine percent to P4.47 billion and earnings before interest, tax, depreciation and amortization inching up eight percent to P1.53 billion.

Without the impact of provisions for mark to market gain on derivatives, foreign exchange loss and deferred tax benefits in 2018, net loss would have been higher at around P76 million.

Further, copper metal produced in the company’s wholly owned Carmen Copper Corp. jumped 35 percent to 27.47 million pounds as ore milled improved to 4.36 million metric tons.

Gold production also improved by 50 percent to 9,828 ounces.

Copper concentrate shipped increased by 26 percent to 49,500 MT with copper metal content growing 23 percent to 27.72 million pounds and gold content increasing by 29 percent to 8,819 ounces.

However, lower prices contributed to the lower bottomline as copper prices declined by 11 percent to $2.81 per pound, while average realized gold price decreased to $1,305 per ounce.