Atlas Consolidated Mining Development Corp. on Friday said its net income increased by almost a third in the first half of the year driven by higher production at its newly expanded copper plant and nickel subsidiary. In a disclosure to the Philippine Stock Exchange, Atlas said net profit in the first half reached P989 million, up 32 percent from last year, as higher sales of copper, gold and nickel eased the impact of lower realized prices of metals in the world market.
Gross revenue reached P8.7 billion in the first half, up 23 percent from last year due to increased metal shipments. During the period, it said the sales volume of copper, gold and nickel grew by 20 percent, 31 percent and 35 percent, respectively. Production at wholly owned subsidiary Carmen Copper Corp. reached 53.48 million pounds of copper concentrates, a 21 percent from last year, as it beefed output capacity to 48.149 tons per day and improved recovery to about 84 percent.
“These production improvements were driven by the copper processing plant expansion that was commissioned in March 2014,” said Atlas executive vice president Adrian Ramos. “The turnaround in Berong Nickel Corp.’s operations also helped boost Atlas’ performance during the period. Berong increased production volume by 50 percent in the first half to 686,180 wet metric tons and shipment volume by 35 percent to 596,186 WMT, resulting in a 76 percent increase in revenue.