ABS-CBNnews.com | 02/25/2013 1:20 PM
MANILA, Philippines (CORRECTED) - Atlas Consolidated Mining & Development reported a 53% jump in consolidated core income to P2.54 billion in 2012, from P1.66 billion in 2011.
In a disclosure to the stock exchange, Atlas said the significant growth in profit was due to a 21% increase in consolidated revenues to P15.54 billion in 2012.
Revenue growth was due to the higher copper metal output of Atlas subsidiary Carmen Copper Corp., despite a 10% decline in copper prices. Carmen Copper's gross copper metal shipments rose 30% to a record-high 91.39 million pounds in 2012, from 70.46 million in 2011. 011. This was attributed to a rise in throughput and recovery rate, and improvement of copper ore grades.
Gold shipments grew 61% to 12,921 ounces in 2012, from 8.048 ounces the previous year.
"The strong earnings momentum in 2012 demonstrates Atlas Mining’s commitment to deliver value to our stakeholders through our long-term, stable growth strategy. With the completion of the expansion project in Carmen Copper, we are optimistic that Atlas Mining will continue the upward trajectory of its production and profit performance in 2013," Atlas Mining Executive Vice President Adrian Ramos said.