MANILA, Philippines - Atlas Consolidated Mining and Development Corp. reported its net income fell 45% to P1.9 billion in 2013, from P3.43 billion in 2012.
In a statement, Atlas Consolidated attributed the lower net income to the recognition of an unrealized foreign exchange loss of P1.02 billion on US dollar-denominated debts.
The company's revenues fell 7% to P14.45 billion in 2013 due to lower realized metal prices.
Its subsidiary Carmen Copper Corp. reported its total production hit 91.51 million pounds of copper metal in concentrate in 2013, 2% higher than year-ago figures. The total volume of copper shipments stood at 90.56 million pounds of copper metal in concentrate, while shipments of gold metal in concentrate jumped 51% to 19,555 ounces.
However, the realized price of copper fell 9% to an average of $3.30 per pound, while the realized price of gold dropped 17% to $1,385 per ounce.
The drop in revenues was tempered by an 8% decline in total operating cash costs to P9.05 billion in 2013, from P9.79 billion a year ago.
However, Atlas Consolidated said core income grew 4% to P2.62 billion.
"Our strategy to optimize production and reduce cost is paying off as we are able to grow our core income in 2013 despite weaker metal prices," Atlas Mining executive vice president Adrian Ramos said.