August 15, 2013

Atlas Consolidated income shrinks to P750M

Atlas Consolidated Mining and Development Corp. yesterday reported a first half net income of P750  M, down 52% year-on-year on unrealized foreign exchange losses and lower metal prices. Without the unrealized forex losses, Atlas’ net income would have registered at P1.35 B.

The company reported total revenues of P7.05 B, down 14% from P8.16 B in the same period last year. Average copper price for the period $3.37 per pound against $3.66 per pound last year. Average gold price in the first half, meanwhile was placed at $1,497 per ounce against $1,644 per ounce in the same period last year. - WealthSec