ATLAS Consolidated Mining and Development Corp. swung to a profit in the third quarter, as it recorded higher revenues from increased production and shipments.
In a regulatory filing, Atlas Mining reported its net income stood at P20.71 million during the three months ending September, from a net loss of P561.24 million recorded in the same period last year.
Third-quarter revenues grew 32% to P4.235 billion. Broken down, copper revenues jumped 20% to P3.681 billion, while gold revenues rose 104% to P769.418 million. However, sales from silver slipped 33% to P426,000.
For the first nine months of the year, Atlas Mining said it trimmed its net loss by 94% to P44.823 million from P782.648 million reported in the same period last year.
“Revenues increased by 18% from P11.03 billion to P13.03 billion on the strength of higher production and shipment volumes that tempered the impact of lower copper prices,” the listed mining company said in a separate statement.
Copper revenues went up by 13% to P11.103 billion during the January to September period, while gold revenue increased by 49% to P1.922 billion. Silver revenues grew 51% to P2.154 million.
Atlas Mining said the higher shipment and production volumes offset the decline in the nine-month average price of copper by 9% to $2.3 per pound. On the other hand, the average price of gold went up 7% to $1,367 per ounce.
Wholly owned subsidiary, Carmen Copper Corp., continued to show improved operations.
Copper metal production rose by 29% to 81.54 million pounds, while gold production surged 43% to 28,704 ounces so far this year.
“With sustained production, copper concentrate shipped in the three quarters increased by 30% from 113,218 tons to 146,786 tons. Copper metal content increased by 29% to 83.45 million pounds and gold content increased by 38% to 26,716 ounces,” it said.
Shares in Atlas Mining added 0.03 centavos to close at P2.55 each on Monday. — Vincent Mariel P. Galang