Atlas Consolidated Mining and Development Corporation, a copper and gold producer controlled by the Sy and Ramos families, reported a 29 percent increase in net income, reaching P1.13 billion in the third quarter of 2024, from P880 million during the same period last year.
According to the company's disclosure to the Philippine Stock Exchange (PSE), the improved profitability was driven by a rise in production and shipments, especially gold, coupled with higher metal prices. These factors successfully mitigated the impact of lower ore grades and the resulting decrease in copper yield.
Atlas reported a seven percent rise in revenues, climbing to P15.56 billion in the third quarter of this year, compared to P14.52 billion in the same quarter of 2023.
Earnings before interest, tax, depreciation, and amortization (EBITDA) showed a four percent increase, reaching P5.12 billion for the third quarter of 2024, against P4.91 billion in the corresponding period of 2023.
The company recorded a 10 percent increase in milling tonnage, reaching 13.73 million dry metric tons (DMT) from 12.47 million in the third quarter of 2023. However, ore grade experienced a 15 percent decline, falling to 0.222 percent from 0.262 percent.
Consequently, copper concentrate production reached 123,000 DMT, marking an 11 percent increase from 110,000 DMT in the previous year. However, copper metal yield decreased by five percent to 58.04 million pounds from 61.41 million pounds, while gold output rose by 12 percent to 20,939 ounces from 18,772 ounces.
Shipments increased by 11 percent to 24.49 from 22.14, comprising 123,000 DMT of copper concentrate (up from 110,000 DMT), copper metal (57.37 million pounds, down from 61.01 million pounds), and gold (19,461 payable ounces, up from 17,620 ounces).
The price of copper metal reached $4.14 per pound in the third quarter of 2024, reflecting a six percent increase from $3.90 per pound in the previous year. Gold prices surged by 18 percent to $2,285 per ounce, compared to $1,935 per ounce in the same period of 2023.