(Alliance News) - Atalaya Mining PLC on Thursday posted a first-half revenue rise, but rising costs hurt profit.
Revenue in the six months to June 30 climbed 24% to EUR117.7 million from EUR94.8 million. Pretax profit dropped 69%, however.
Costs of sales surged 58% annually to EUR92.2 million, while depreciation and amortisation costs almost doubled to EUR13.8 million from EUR7.2 million.
"Despite lower copper prices, revenues increased as a result of higher concentrate sales volume in the period following the completion of the plant expansion at Proyecto Riotinto," Atalaya said.
Copper production was 27% higher at 26,864 tonnes from 21,108 a year earlier.
Annual output is still expected between 55,000 tonnes and 58,000 tonnes.
"Despite the challenges of Covid-19, our Proyecto Riotinto site continues to perform well," Chief Executive Officer Alberto Lavandeira said.
Atalaya shares closed flat at 190.00 pence each on Thursday in London.
By Eric Cunha; ericcunha@alliancenews.com
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