Atlas Consolidated Mining and Development Corporation, a copper producer controlled by the Ramos family and the SM Group, reported a 158 percent surge in net income to P2.07 billion in the first half of 2024 from P803 million in the same period last year.

In a disclosure to the Philippine Stock Exchange (PSE), the firm said the rise in its profits was due to a 23 percent growth in revenues to P12.47 billion in the first semester of 2024 from P10.13 billion in the same period of 2023.

Revenues rose due to higher gold and copper output and metal prices compared to the first half of last year.

For the period under review, Atlas said it milled 9.25 million dry metric tons (DMT) of ore, up nine percent from the P8.5 million DMT milled in the same period of 2023.

While ore grade dipped six percent to 0.253 percent from P0.268 percent, output still rose 21 percent to 93,000 DMT from 76,000 DMT for copper concentrate, up six percent to 45.19 million pounds from 42.71 million pounds for copper metal, and a jump of 37 percent for gold to 17,711 ounces from 12,925 ounces.

Shipments of copper concentrate improved by 22 percent to 93,000 DMT from 76,000 DMT; six percent for copper concentrate to 44.74 million pounds from 42.37 million pounds; and 37 percent for gold to 16,565 payable ounces from 12,112 payable ounces.

Copper metal price stood at $4.13 per pound in the first half of 2024, higher by five percent from last year’s $3.95. Gold price had increased to $2,216 an ounce from $1,937 per ounce in the same period of 2023.

Earnings before interest, tax, depreciation, and amortization (EBITDA) were P5.29 billion in the first quarter of 2024, compared to P3.61 billion in the same period of 2023.