Atlas Mining net income up 48% in 2012

Atlas Consolidated Mining and Development Corporation posted a 48-percent year-on-year rise in its net income in 2012, according to a statement issued by the company on Sunday. The miner's net income of P3.44 billion in 2012 is a P1.11-billion improvement from P2.33 billion in 2011. Atlas Mining also reported a 46-percent jump in consolidated income from its core businesses from P1.66 billion in 2011 to P2.54 billion in 2012. The company's EBITDA (earnings before interest, taxes, depreciation, and amortization) rose 64 percent to P5.74 billion in 2012 from P3.50 billion the year before. Atlas attributed its income growth to a 21-percent growth in consolidated revenues to P15.54 billion in 2012, with a 30-percent increase in copper shipments by its wholly owned unit Carmen Copper Corporation  (CCC) to a record 91.39 million pounds in 2012. Gold shipments also rose 61 percent to 12,921 ounces in 2012. According to an earlier statement from company executive vice president Adrian Ramos, the miner will invest about $105 million to upgrade the mill facility of CCC's Toledo complex in Cebu, allowing the Atlas subsidiary to raise its monthly output to 10 million pounds of copper concentrate from the current seven to 7.5 million pounds. — BM, GMA News