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Manila Bulletin devider Business devider Atlas Mining posts P2-B profit in H1

Atlas Mining posts P2-B profit in H1

Published Jul 25, 2022 02:32 pm

Atlas Consolidated Mining and Development Corporation reported a slight improvement in net income to P2 billion in the first half of 2022 from the P1.94 billion earned in the same period last year.

In a disclosure to the Philippine Stock Exchange, the firm said “The improvement in the bottom line is attributed to the considerable increase in grades and metal prices during the first half of the year.”

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Atlas Mining’s wholly-owned subsidiary Carmen Copper Corporation reported a decline in copper metal production to 36.58 million pounds in 2022 from 38.73 million pounds in 2021 due to lower tonnage milled.

In the first half of 2022, milling tonnage decreased by 6 percent from 9.26 million tons to 8.66 million tons.

On the other hand, copper grade increased by 1 percent from 0.231 percent to 0.234 percent and gold grade improved by 6 percent from 5.09 grams per dry metric ton (dmt) to 5.41 grams per dmt.

Copper metal content of concentrate shipped decreased by 2 percent to 38.80 million pounds but gold content increased by 6 percent to 11,212 ounces due to higher gold grade.

The increase in metal prices continued in the first half of this year where copper price increased by 6 percent from $4.21 a pound to $4.45 per pound and gold price increased by 4 percent from $1,812 an ounce to $1,879 per ounce compared to the same period last year.

Number of shipments were comparatively the same as first half of last year but the higher prices in the first half of this year pushed revenues to grow by 8 percent to P9.74 billion from P9.01 billion.

Earnings before interest, tax, depreciation and amortization (EBITDA) settled at P3.89 billion in the second quarter of 2022 compared to P4.93 billion in the same period of 2021.

The reduction was caused by the increase in energy cost particularly power and fuel. This likewise pulled down core income for the period to P930 million in the first half of 2022 from P2.16 billion in same period of 2021.

Accordingly, cash generated from operations improved which enabled the additional loan payment of $60 million of Atlas Mining’s loans on the first half of 2022. With the partial repayment of loan, an accounting gain of P938 million was recognized in the second quarter.

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