Atlas Mining net income jumps to Php2B for first half

The Atlas Consolidated Mining and Development Corp. registered a net income of Php 2 billion for the first half of the year, a four percent jump from Php 1.935 billion recorded in the same period last year.

In a disclosure to the Philippine Stock Exchange on Monday, Atlas Mining attributed the earnings to the increase in grades and metal prices during the period.

One of the company’s subsidiaries, Carmen Copper Corp., recorded a six percent decline in its copper metal production from 38.73 million pounds last year to 36.58 million pounds this year. The decline was caused by lower tonnage milled in the period, which also decreased by six percent from 9.26 million tons to 8.66 million tons.

Meanwhile, copper grade registered a slight increase from 0.231% to 0.234%, while gold grade also increased by six percent from 5.09 grams per dry metric ton (DMT) to 5.41 grams per DMT.

Shipment-wise, shipment of copper metal content declined by two percent from 39.67 million pounds to 38.8 million pounds. However, gold content shipment went up by six percent from 10,579 ounces to 11,212 ounces.

While the amount of the shipment was almost the same as last year, higher prices in the first semester pushed revenues by eight percent from Php9.01 billion to Php9.74 billion.