Atlas profit more than doubles to P2 billion in H1

MANILA, Philippines — Atlas Mining and Development Corp. more than doubled its profit to over P2 billion in the first semester on the back of higher output and favorable global metal prices.

In a regulatory filing, Atlas said its net income from January to June reached P2.071 billion, about 158 percent higher than the P803 million it posted in the same period a year ago.

The mining firm’s gross revenues rose by 23 percent on an annual basis to P12.475 billion from P10.127 billion last year.

Atlas said its earnings before interest, taxes, depreciation and amortization (EBITDA) expanded by 47 percent to almost P5.3 billion from P3.61 billion last year.

The production of both gold and copper by the firm’s wholly owned subsidiary Carmen Copper Corp. (CCC) rose on an annual basis during the six-month period.

The mine milled 9.254 million dry metric tons of ore in the first half, about nine percent higher than the 8.504 million DMT recorded last year.

CCC produced 93,000 DMT of copper concentrate, around 21 percent over last year’s 76,000 DMT of output. Meanwhile, its gross copper metal output rose by six percent year-on-year to 45.19 million pounds from 42.71 million pounds.

The mining firm said its copper concentrate shipments grew by 22 percent year-on-year to 93,000 DMT while its gross copper metal exports increased by six percent on an annual basis to 44.74 million pounds.

CCC is the country’s top copper producer, accounting for more than half of the annual output.

Furthermore, CCC produced 17,711 ounces of gold, about 37 percent higher than the 12,925 ounces it recorded in the first half of last year. In turn, gold exports by the firm also grew by 37 percent to 16,565 ounces from 12,112 ounces.

On top of the higher output, Atlas benefited from higher copper and gold prices in the world market during the reference period.

In the first half, the firm recorded an average invoiced price of copper of about $4.13 per pound, around five percent higher than the average $3.95 per pound price last year. For gold, its average invoiced price rose by 14.42 percent year-on-year to $2,216 per ounce from $1,937 per ounce last year.