ATLAS Consolidated Mining and Development Corp. on Monday reported a net income of P2.07 billion for the first half amid higher metal prices and better ore production.
In a disclosure to the local bourse, the company reported that its net income more than doubled compared to the P803 million for the same period last year.
Atlas Mining said that its first-half revenues increased by 23% to P12.48 billion from P10.13 billion a year ago.
The company’s subsidiary, Carmen Copper Corp., recorded increases in gold and copper production and shipments in the six months to June.
Carmen Copper’s gold production went up by 37% to 17,711 ounces from the previous year’s 12,925 ounces.
Copper output, on the other hand, increased by 6% to 45.19 million pounds from 42.93 million pounds a year ago.
Copper prices rose by 5% to $4.13 per pound compared to $3.95 per pound in 2023.
The gold price increased by 14.42% to $2,216 per ounce from $1,937 per ounce in the same period last year.
The company said that it had shipped 44.74 million pounds of copper during the period, 6% higher than the 42.37 million pounds in 2023.
It also noted that it had shipped 16,565 ounces of gold, a 37% increase from 12,112 ounces a year ago. — A.H. Halili
