Atlas recovers, posts P475-M income

Listed Atlas Consolidated Mining and Development Corp. posted a net income of P475 million for the first quarter after suffering a net loss of P211 million in the same period last year.

The turnaround was attributed to higher production, shipments and favorable metal prices.

Demand for copper and gold remained strong in the first quarter which led to a 19-percent increase in the average realized copper price to $3.14 per pound from $2.63 per pound year-on-year. Similarly, the average realized gold price rose by 8 percent to $1,330 per ounce from $1,225 a year ago.

Atlas Mining’s wholly owned subsidiary, Carmen Copper Corp., registered an output of 20.32 million pounds of ore, up 16 percent from a year ago. Gold output also rose year-on-year by 59 percent to 6,537 ounces from 4,120 ounces.

This boosted shipment volume, which rose 16 percent to 22.60 million pounds from 19.47 million pounds a year ago.

With the rise in production and shipment, Atlas Mining’s cash costs for the period also rose by 33 percent to P2.72 billion from P2.05 billion in the first quarter of 2017. Meanwhile, average cost per pound was stable at $1.77 per pound.

Earnings before interest, tax, depreciation and amortization (Ebitda) for the first quarter to P1.41 billion, up 88 percent from P751 million in the same period last year.