Atlas Mining Heaps Hefty PHP1.22 Billion Net Income In Q1 2022
Atlas Consolidated Mining and Development Corporation (“Atlas Mining”) reported another record net income of Php1.22 billion for the first quarter of 2022 compared to the net income of PHP420 million for the same period in 2021. Higher production and higher metal prices sustained the strong performance of Atlas Mining.
Photo Insert: Higher production and shipments supported by higher prices, pushed revenues to soar by 54% to PHPp5.49 billion from PHP3.57 billion.
The increase in metal prices continued in the first quarter this year where copper price increased by 16% from $3.93/lb to $4.56/lb and gold price from USD1,797/ounce to USD1,885/ounce compared to the same period last year.
Atlas Mining’s wholly-owned subsidiary, Carmen Copper Corporation, reported higher copper production and shipments in the first quarter of the year compared to the same period last year due to higher tonnes of ore milled and higher realized grades.
In the first quarter of 2022, copper metal production increased by 26% from 15.93 million pounds to 20.01 million pounds, due mainly to the 8% increase in milling tonnage from 4.22 million tonnes to 4.57 million tonnes and the increase in copper grades by 12% from 0.215% to 0.241%.
Gold production increased quarter-on-quarter by 22% from 5,346 ounces to 6,015 ounces while gold grades decreased from 5.77 grams/dmt to 5.34 grams/dmt. Accordingly, shipments were higher by 27% from 17.02 million pounds of copper metal in 2021 to 21.69 million pounds in 2022.
Higher production and shipments supported by higher prices, pushed revenues to soar by 54% to PHPp5.49 billion from PHP3.57 billion.
Cash costs increased by 50% from Php1.97 billion to Php2.94 billion, due to the increase in the volume of shipments and production. Earnings before interest, tax, depreciation, and amortization (EBITDA) was PHP2.60 billion, 55% higher compared to Php1.68 billion in the same period of 2021.
Core income was Php992 million in the first quarter of 2022 compared to Php579 million, 71% higher compared to the first quarter of 2021.
Cash generated from operations enabled additional repayment of debt of US$45 million in the first quarter. With the partial repayment of certain loans, an accounting gain of PHP464 million was recognized in the first quarter.
According to Atlas Mining President, Adrian Ramos, “With sustained production, Atlas Mining continues to benefit from a strong metals market. We remain focused on keeping our operations resilient and efficient to ensure sustained and optimized earnings even under emerging challenging situations.”