Atlas Consolidated Mining and Development Corp. reported a consolidated net loss of P1.3 billion in the first nine months of 2015, a reversal from a profit of P841 million year-on-year.
Atlas attributed the loss in a statement to an accounting charge for unrealized foreign exchange losses and low metal prices.
Atlas’s revenues dropped 33 percent to P8.4 billion from last year’s P12.6 billion, while EBITDa reached P1.9 billion from P4.6 billion on year.
Wholly-owned unit Carmen Copper Corp. produced 73.3 million pounds of copper from 81.4 million pounds last year.
Total volume of copper concentrate shipments fell 9 percent from 132,400 dry metric tons to 121,100 dry metric tons this year.
Atlas said copper prices remained low in the third quarter, with the year-to-date average realized copper price at $2.57 per pound, down 19 percent fronm $3.16 per pound in 2014.
The average realized gold price also decreased 9 percent to $1,171 per ounce from $1,290 per ounce in the previous year.
