MANILA, Philippines – Higher oil and production costs incurred by its subsidiary, alongside lower output due to inclement weather, weighed down on the profitability of listed mining firm Atlas Consolidated Mining and Development Corp. last year. In a disclosure on Monday, Atlas Mining reported that consolidated net income reached P3.21 billion in 2022, down 17 percent from P3.86 billion in the past year. Gross revenues tumbled by 4 percent to P17.68 billion from P18.5 billion. 'The lower NIAT (net income after tax) was mainly due to the unprecedented spikes in fuel and energy prices that resulted in higher operating and production costs as well as lower production levels brought about by significant heavy rainfall volumes experienced by its wholly-owned operating mine, Carmen Copper Corp (CCC),' added the listed firm.

https://business.inquirer.net/389765/higher-input-costs-bad-weather-gnaw-on-atlas-profit

#inquirer