Atlas income down by 71 percent in 9 months.

MANILA -- Lower production and higher cost pulled down the net earnings of Atlas Consolidated Mining and Development Corp. by 71 percent in the nine months to September.

In a disclosure to the Philippine Stock Exchange yesterday, Atlas Mining said its net income amounted to P880 million from January to September, down by 71 percent from P3.07 billion in the same period last year.

Gross revenues registered a nine- percent rise to P14.52 billion from P13.31 billion.

However, costs and expenses also rose by six percent to P9.57 billion from P9.02 billion.

Its wholly owned subsidiary, Carmen Copper Corp. (CCC), registered a one-percent decrease in milling tonnage to 12.47 million dry metric ton (dmt) from 12.6 million dmt.

Daily milling average also declined by one percent to 45,665 dmt per day from 46,134 dmt per day.

Copper metal rose 12 percent to 61.41 million pounds from 54.82 million pounds while gold produced went up 11 percent to 18,772 ounces from 16,923 ounces.

In terms of shipments, the amount...