Quantcast
Latest Stories

Atlas posts 139% profit growth

By

Atlas Consolidated Mining & Development Corp. reported a 139 percent surge in its net income for the first quarter of 2013 as reduced costs offset the negative impact of the slight decline in copper prices on the company’s bottom line.

During a stockholders’ briefing on Wednesday, Atlas executive vice president Adrian Ramos said the company posted a net income of P569 million in the first quarter, up from P238 million a year ago.

The significant increase in net income was attributed mainly to the 11 percent reduction in operating and financing costs to P2.786 billion from P3.137 billion in the first quarter of 2012.

Core income improved by 92 percent to P504 million from P263 million a year ago. Earnings before interest, taxes, depreciation and amortization (Ebitda) likewise posted an increase of 28 percent to P1.286 billion from P1.008 billion.

Atlas disclosed to the Philippine Stock Exchange that its wholly owned subsidiary, Carmen Copper Corp., shipped 19.9 million pounds of copper metal in concentrate in January to March this year, almost the same as the year-ago level.

Consolidated revenue dipped slightly to P3.291 billion from P3.4 billion as a result of the lower copper prices in the first quarter of the year. Production of copper metal in concentrate was slightly lower in the first quarter of 2013 at 20.8 million pounds compared to 21.7 million pounds during the same period last year. This was due to the mandatory maintenance work on one of the ball mills in Carmen Copper’s processing plant. The plant has seven ball mills that are the main drivers of throughput.

The maintenance work (required once in about 20 years of equipment use) was conducted and completed within February. Production in the month of March reached a new high of 8 million pounds of gross copper metal in concentrate.

Last year, Atlas Mining embarked on an expansion project for Carmen Copper that would increase its copper concentrate production capacity of 40,000 tons per day to 60,000. The project is expected to be completed within the second half of 2013, one year ahead of the original schedule.


Follow Us


Follow us on Facebook Follow on Twitter Follow on Twitter


Recent Stories:

Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines.

Tags: Atlas consolidated mining , Earnings , Mining and quarrying , net incomes , Philippines



Copyright © 2014, .
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City, Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94
Advertisement
Advertisement

News

  • Security in place for Obama as police hope for ‘peaceful’ visit
  • Retired SC justice Lorenzo Relova; 98
  • Ligots fight 2nd forfeiture case
  • PH will be partly cloudy in afternoon, evening—Pagasa
  • Ex-COA chief nabbed for plunder
  • Sports

  • Sharapova advances to Stuttgart quarterfinals
  • Galedo caps ride of redemption
  • Beermen, Express dispute second semis slot today
  • Lady Agilas upset Lady Bulldogs in four sets
  • NLEX roars to 7th D-League win
  • Lifestyle

  • ‘Recovered’ Banksy works on display ahead of sale
  • Marinduque: Visiting the ‘palm of the ocean’
  • First at Vatican in 60 years
  • How Jing Monis Salon gave Krissy the pixie
  • Want to be a supermodel? Work on your inner beauty, says Joey Espino
  • Entertainment

  • Paul McCartney to play at Candlestick concert
  • Kristoffer Martin: from thug to gay teen
  • Has Ai Ai fallen deeply with ‘sireno?’
  • California court won’t review Jackson doctor case
  • Cris Villonco on play adapted from different medium
  • Business

  • PAL hailed for ban on shark fin cargo
  • BSP to change tint of P100 bill
  • Nielsen sees car buying boom in the Philippines
  • How author of best-seller exposed ‘one percent’ economic elite
  • Bangko Sentral readies new bank lending rules
  • Technology

  • Cloud strength helps Microsoft earnings top Street
  • Vatican announces hashtag for April 27 canonizations
  • Enrile in Masters of the Universe, Lord of the Rings?
  • Top Traits of Digital Marketers
  • No truth to viral no-visa ‘chronicles’
  • Opinion

  • Editorial Cartoon, April 25, 2014
  • No deal, Janet
  • Like making Al Capone a witness vs his gang
  • MERS-CoV and mothers
  • A graduation story
  • Global Nation

  • Only 4 Etihad passengers not accounted for
  • Abandoned in Malta,15 PH seamen return
  • Senator hopes PH will also get same vow
  • HK victims to get P115M; traders raised money
  • Afghan hospital guard kills 3 US doctors, including Fil-Am pediatrician
  • Marketplace