Atlas Consolidated swings back to profit in H1

ABS-CBN News

Posted at Aug 16 2010 11:25 AM | Updated as of Aug 16 2010 07:25 PM

MANILA, Philippines - Atlas Consolidated Mining and Development Corp (Atlas) swung back to profit in the first half, aided by sustained demand and higher prices of precious metals in the world market.

Atlas told the Philippine Stock Exchange on Monday that it eked out a net profit of P460 million in the first six months, reversing its P1.169 billion loss during the same period in 2009.

It said its second quarter net income, which it did not disclose, nearly tripled from its first quarter net profit of P164 million.

The mining company said that its total revenues in the second quarter stood at P3.738 billion or 70% higher compared to the first quarter.

"These are encouraging half-year results. The focus must now be on optimizing production and operating costs levels as we move forward," the company said in a statement.

Atlas said that it had made its 12th shipment of copper concentrates for this year on August 12.

The shipment of 5,5202 wet metric tons which were estimated to contrain 27.45% copper, 2.57 grams of gold dry metric tons and 30.63 grams of silver per dry metric ton is worth about $10.219 million.

In a previous interview, Atlas Vice President Adrian Ramos said the company is expecting better revenue this year and is projecting copper ore shipments this year to hit a little more than 100,000 metric tons.

Atlas shares inched up by 0.8% to P11.94 in mid-trading on Monday.