Atlas Mining Q1 earnings surge on lower costs
MANILA, Philippines - Lower costs, which offset weak copper revenues, led to a triple-digit growth in the first-quarter 2013 earnings of Atlas Consolidated Mining & Development Corp., partly owned by Henry Sy-led SM Investments Corp.
In a disclosure to the Philippine Stock Exchange, Atlas said its net income in January to March surged 139% to P569 million from P238 million in the same period of 2012.
"The significant increase in net income was driven mainly by the reduction in total operating and financing costs," said Atlas.
These costs went down 11% to P2.786 billion from P3.137 billion last year.
"The effect of prudent cost management has more than offset the slight decrease in realized copper prices in 2013," added the company.
Atlas wholly owns Carmen Copper Corp. which operates the Toledo mine in Cebu.
Reduced copper revenues
Carmen Copper "sustained" the same shipment volume of 19.9 million pounds of copper concentrate, but weak prices pulled down the value.
Consolidated revenues fell slightly to P3.291 billion in the first quarter of 2013 from P3.4 billion in 2012.
Atlas embarked on a project to expand Carmen Copper's capacity to 60,000 tons per day from 40,000 tons.
The project is expected to be completed within the second half of the year. - Rappler.com