Atlas Consolidated Mining and Development Corp. reported a 113% surge in profits for the first quarter, driven by higher production of copper and gold.
In a report by the Philippine Star, Atlas said it recorded a net income of Php 563 million in the first three months of the year, up from Php 264 million in the same period last year.
This impressive growth was supported by a 12% rise in revenues, reaching Php 5.55 billion during the period.
The firm’s Carmen Copper Corp. (CCC) contributed significantly to this performance, with copper metal production increasing by 15% to 22.89 million pounds, driven by improved ore milling totaling 4.75 million dry metric tons.
Additionally, copper concentrate output saw a notable increase of 21% to 43,000 dry metric tons, all of which were shipped to smelters in China and Japan.
Total shipments for the quarter boosted by nearly 20%, reaching 8.6 million compared to the previous year’s 7.25 million.
Despite a 5% decrease in copper prices to $3.83 per pound from $4.05 per pound in 2023, the rise in production and shipment volumes managed to offset the impact on revenue.
Meanwhile, gold production rose by 41% to 8,437 ounces, with almost 8,000 ounces exported, representing a 44% increase. The increase in gold prices by nearly 10% to $2,074 per ounce further amplified the company’s earnings.
However, during the same period, Atlas reported a 6% increase in cash costs to Php 3.41 billion.
During the first quarter, the company’s earnings before interest, tax, depreciation, and amortization (EBITDA) increased by more than 25% to Php 2.14 billion.
