Atlas Consolidated income shrinks to P750M

MANILA, Philippines - Listed miner Atlas Consolidated Mining and Development Corp. yesterday reported a first half net income of P750 million, down 52 percent year-on-year on unrealized foreign exchange losses and lower metal prices.

Without the unrealized forex losses, Atlas’ net income would have registered at P1.35 billion.

In a disclosure, the company reported total revenues of P7.05 billion, down 14 percent from P8.16 billion in the same period last year.

Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) fell six percent to P2.74 billion from the previous P2.90 billion.

The company’s core income in the first half of the year fell 11 percent to P1.17 billion from P1.31 billion in the same period last year due to lower metal prices.

Its wholly-owned subsidiary Carmen Copper Corporation (CCC) registered a production level of 44 million pounds of gross copper metal in concentrate in the first half, lower by two percent year-on-year due to lower ore grade that resulted from the ongoing development of the Carmen pit.

CCC shipped 43.5 million pounds of gross copper metal in concentrate, down six percent year-on-year from 46.5 million pounds in the first half of 2012 which was includisve of carry over inventory from the second half of 2011.

Average copper price for the period $3.37 per pound against $3.66 per pound last year.

Average gold price in the first half, meanwhile was placed at $1, 497 per ounce against $1, 644 per ounce in the same period last year.

“As we recognize the challenges of weaker global commodity prices, we remain focused in our strategy to continually reduce costs, increase production and improve further our operational efficiency,” said Atlas Mining executive vice president Adrian Ramos.