25 February 2013

Atlas Consolidated Mining & Development Corp. reported a 46-percent increase in consolidated core income from P1.66 billion in 2011 to P2.54 billion in 2012, and a 64-percent rise in consolidated Ebitda from P3.50 billion to P5.74 billion.

Atlas said in a statement a 21- percent growth in consolidated revenues from P12.83 billion in 2011 to P15.54 billion in 2012 drove the higher profit.

A substantial increase in the copper metal output of Atlas Mining’s wholly-owned subsidiary, Carmen Copper Corp., pushed revenues up despite a 10-percent decrease in the market price of copper.

Carmen Copper registered a 30-percent increase in gross copper metal shipments, reaching a record-high of 91.39 million pounds in 2012 from 70.46 million pounds in 2011.

Atlas attributed the higher shipments to a rise in throughput and recovery  rate,  and to the improvement of copper ore grades. The enhancements in productivity and cost management contributed to a 16-percent decrease in the cost per pound of copper sold. Gold shipments grew 61 percent to 12,921 ounces from 8,048 ounces.

Carmen  Copper  declared  its  first  ever  cash  dividend  in December 2012 amounting to P1 billion on  the  strength of its solid  performance.

By MST Business | February 25, 2013
Source: http://manilastandardtoday.com/2013/02/25/atlas-minings-profit-climbs-46-to-p2-54b/