Atlas Mining Q1 net profit surges to P1.3B

ATLAS CONSOLIDATED Mining and Development Corp. reported yesterday that its consolidated net income for the first quarter grew 5.7 times to P1.34 billion from P233 million a year ago, driven primarily by the performance of Atlas’ 54.46-percent-owned subsidiary Carmen Copper Corp. (CCC).

CCC, which operates the Toledo copper-gold mine in Cebu province, reported a net income of P1.37 billion in the first three months, which Atlas said was nearly 5.3 times the net income reported in the same period last year.

The net income attributable to Atlas as parent company amounted to P705 million, yielding earnings per share (EPS) of P0.62.

Atlas’ consolidated core net income for the subject period was P1.07 billion.

Of the total amount, P571 million was attributable to Atlas, thus resulting in a core EPS of P0.50 for the parent company.

CCC posted a 51-percent increase in gross revenues to P3.37 billion from P2.23 billion; a 195-percent jump in Ebitda to P1.5 billion from P510 million, and an 18-percent rise in shipped volumes to 17.7 million pounds of copper from 15 million pounds.