Atlas Mining reports P939M net loss

ATLAS Consolidated Mining and Development Corp. posted a consolidated net loss of P939 million for the three quarters of 2017.

Without a P400-million mark to market loss provision for copper price hedges, the net loss would have been P539 million compared to P470 million for the same period last year.

Improvements in production and in copper price in the third quarter pushed the earnings before interest, tax, depreciation and amortization (EBITDA) for the nine-month period to P2.5 billion, about nine percent higher than the P2.3-billion earnings for the same period in 2016.

Its wholly-owned subsidiary Carmen Copper Corp. milled 10.498 million tons of ore and produced 58 million pounds of copper metal year to date, compared to 12.682 million tons milled and 77.1 million pounds of copper metal produced during the same period in 2016, it told the Philippine Stock Exchange.