Atlas Consolidated Mining and Development Corp. said Monday first-quarter net profit more than doubled to P563 million from P264 million in the year-earlier period, helped by increased mine output and higher price of gold.
It said higher milling throughput from the mine operations of its wholly-owned unit, Carmen Copper Corp., pushed revenue 12 percent higher to P5.55 billion while core profit rose to P502 million, a sharp reversal from a loss of P2.31 billion in the same quarter of 2023.
The milling tonnage increased 12 percent in the first quarter to 4.75 million dry metric tons but ore grade declined 2 percent to 0.251 percent.
Production of copper metal increased by 15 percent to 22.89 million pounds while gold output rose 41 percent to 8,437 ounces. Shipments of copper metal was up 16 percent to 22.78 million pounds while gold rose 44 percent to 7,994 ounces.
