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Atlas Mining 2012 core income up by 53%
22 February 2013
Capping a year of performance milestones, Atlas Consolidated Mining & Development Corporation ("Atlas Mining") reports a 53% increase in consolidated core income from P1.66 billion in 2011 to P2.54 billion in 2012, and a 64% rise in consolidated EBITDA from P3.50 billion to P5.74 billion. This significant profit improvement was driven mostly by a 21% growth in consolidated revenues from P12.83 billion in 2011 to P15.54 billion in 2012.
A substantial increase in the copper metal output of Atlas Mining's wholly-owned subsidiary Carmen Copper Corporation ("Carmen Copper") pushed revenues up despite a 10% decrease in the market price of copper. Carmen Copper registered a 30% hike in gross copper metal shipments, reaching a record-high of 91.39 million pounds in 2012 from 70.46 million pounds in 2011. This achievement is attributable to a rise in throughput and recovery rate, and to the improvement of copper ore grades. The enhancements in productivity and cost management contributed to a 16% decrease in the cost per pound of copper sold. Likewise, gold shipments grew by 61% to 12,921 ounces from 8,048 ounces.
On the strength of its solid performance, Carmen Copper declared its first ever cash dividend in December 2012 amounting to P1 billion.
In 2011, Atlas Mining reported a net income of P15.07 billion with the recognition of the fair value gain as a result of its acquisition of the minority equity interest in Carmen Copper. The net income in 2011 excluding this one-time gain stood at P2.33 billion versus the P3.44 billion registered in 2012.
Commenting on the full-year 2012 performance, Atlas Mining Executive Vice President Adrian Ramos said: "The strong earnings momentum in 2012 demonstrates Atlas Mining's commitment to deliver value to our stakeholders through our long-term, stable growth strategy. With the completion of the expansion project in Carmen Copper, we are optimistic that Atlas Mining will continue the upward trajectory of its production and profit performance in 2013."
For further inquiries, please contact:
Mr. Michael Anthony Garcia
Investor Relations
584-9788 local 129
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