Atlas posts strong growth on improved metal prices

Atlas Consolidated Mining and Development Corp. showed strong growth for the first nine months of 2011 due to high metal prices and increased shipments, vice president and director Adrian S. Ramos told reporters on the sidelines of the company’s stockholders’ meeting in Pasig City.

Ramos reported during the stockholders meeting that the company’s gross revenue for the first nine months of 2011 reached P9.9 billion, up from P6.6 billion in the same period in 2010.

Consolidated net income for January to September 2011 reached P2.64 billion from just P47 million for the comparative period in 2010.

Atlas said in a statement that its subsidiary, Carmen Copper Corp. (CCC), reported a net income of P2.599 billion for the first three quarters of 2011 or 4.7 times its net income during in the same period last year.

The net income attributable to Atlas as parent company for the first three quarters amounted to P1.603 billion versus a net loss of P85 million in the same period in 2010, Atlas said in its statement.

“This implies interim earnings per share of P1.33 based on the weighted average number of shares for the first three quarters of the year,” Atlas said.

During the meeting, Atlas stockholders approved the proposed restructuring of the company’s equity structure as part of efforts to wipe out “accumulated deficit” and enable Banco de Oro Unibank Inc. (BDO) “and/or its nominees” to exercise its option to convert into equity the P5.3418 billion loan covered by the July 25, 2011, Secured Notes Facility Agreement between Atlas and BDO.

BDO has until July 2012 to exercise the option.