Atlas Mining posts 139% income growth
MANILA, Philippines - Listed miner Atlas Consolidated Mining and Development Corporation posted a 139 percent increase in net income in the first quarter of 2013 because of lower operating costs.
The company yesterday reported a net income of P569 million for the first quarter of the year against a profit of P238 million in the first quarter of 2012.
Total operating and financing cost for the period fell 11 percent to P2.786 billion in the first quarter of 2013 from P3.137 billion in the first quarter of 2012.
The reduction in operating expenses offset losses brought about by lower copper prices during the period.
The company’s core income rose 92 percent during the period to P504 million from P263 million in the first quarter of the previous year.
Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) rose 28 percent to P1.286 billion in the first quarter of 2013 from P1.008 billion in the first quarter of 2012.
The company’s gross revenues fell slightly to P3.29 billion from P3.40 billion as a result of lower copper prices in the first quarter of 2013.
“This shows that we are on the right track in managing our costs,†said Atlas Mining director and executive vice president Adrian Ramos during the company’s annual stockholders meeting at Edsa Shangrila Hotel yesterday.
Atlas Mining’s wholly owned subsidiary, Carmen Copper Corporation shipped out 19.9 million pounds of gross copper metal in the first quarter of 2013, the same volume as in last year.
Production of copper metal in concentrate in the first quarter of the year was slightly lower at 20.8 million pounds compared to 21.7 million pounds during the same period last year as a result of mandatory maintenance work on one of the ball mills in Carmen Copper’s processing plant.
The company announced that maintenance work on the mill required once in every 20 years was completed in February.
Last year, Atlas Mining began the expansion for Carmen Copper which would increase its current ore mill production capacity from 40,000 tons per day to 60,000 tons per day.
Ramos said the program is progressing smoothly and would be completed by the second half of 2013.
To further drive down production costs, Atlas Mining is increasing the sourcing of higher grade ore from the Carmen pit until 2014 and is developing additional by-product revenue streams.
The company is spending $200 million this year, half of which would be spent for the completion of the plant upgrade while half would be spent for the development of the ore body.
He said the company would strive to attain a 30 percent growth in production and continue to reduce operating cost.
“Looking ahead, we have confidence in the continuing demand for copper in the world’s growth economies and we will pursue long-term opportunities that will drive our businesses forward and deliver value to our shareholders,†said Ramos.
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