ATLAS Consolidated Mining and Development Corp. ended 2023 with a consolidated Net Income After Tax (NIAT) of P1.1 billion, lower by 65 percent from P3.2 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 loans.
Copper metal price in 2023 averaged at $3.81/pound, lower by 15 percent from the previous year’s equivalent of $4.51/pound (inclusive of hedging gains).
Earnings before interest, tax, depreciation and amortization was P6.7 billion 2023, 23 percent higher compared to P5.4 billion in 2022. / PR