Atlas Mining profit up 46%

MANILA, Philippines—Atlas Consolidated Mining and Development Corp. posted a double-digit growth in its core income in 2012 following the “substantial increase” in its subsidiary’s copper production.

Atlas, a diversified mining conglomerate, ended the year with a 46-percent increase in consolidated core income to P2.54 billion last year from P1.66 billion in 2011, the company said in a statement.

Its consolidated earnings before interest, taxes, depreciation and amortization (Ebitda) jumped 64 percent to P5.74 billion in 2012 from P3.5 billion the previous year.

According to the company, the significant profit improvement was driven by a 21-percent growth in its consolidated revenues to P15.54 billion from P12.83 billion in 2011.

Income was boosted by higher copper output of Atlas Mining’s wholly owned subsidiary Carmen Copper Corp.

Despite a 10-percent contraction in the market price of copper, Carmen Copper registered a 30-percent increase in gross copper metal shipments, reaching a record 91.39 million pounds in 2012 from 70.46 million pounds in the previous year.

“This achievement is attributable to a rise in throughput and recovery rate and to the improvement of copper ore grades,” the company said.

Atlas said the enhancements in productivity and cost management contributed to a 16-percent decrease in the cost per pound of copper sold.

Gold shipments likewise grew by 61 percent to 12,921 ounces from 8,048 ounces.

In December 2012, Carmen Copper declared its first ever cash dividend amounting to P1 billion due to the “strength of its solid performance,” the company said.