Atlas turns around with P490 million profit

MANILA, Philippines — Atlas Consolidated Mining and Development Corp. reported a net income of P490 million in the first nine months, a major turnaround from the P45 million loss incurred in the same period last year.

In a regulatory filing, Atlas said earnings before interest, tax, depreciation and amortization went up 29 percent to P6.12 billion on the strength of operating efficiencies resulting in lower cash costs on flat revenues.

Atlas said the significant improvement in the bottom line was due to the sustained stability of operation and production and the increase in gold volume and metal prices during the period.

Copper metal produced in the company’s wholly-owned Carmen Copper Corp. slightly inched up to 81.62 million pounds as ore milled improved by five percent to 13.73 million metric tons.

Gold production also improved year-on-year by 25 percent to 35,814 ounces amid higher tonnage milled and higher realized ore grades.

Copper metal content of concentrate shipped decreased to 79.77 million pounds while gold content improved by 19 percent to 31,821 ounces due to higher gold grade.

Copper prices in the nine-month period were lower year-on-year at $2.64 per pound, down four percent, while the average realized gold price surged 27 percent to $1,740 per ounce.

Cash costs, meanwhile, were lower by 16 percent to P7.01 billion with average cost per pound decreasing to $0.88 per pound.

The decrease in cash costs was due primarily to significant decreases in waste stripping, fuel, power, explosives and maintenance parts.