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Atlas Consolidated Mining and Development Corporation Additional Results of Operation for 1st Semester of 2012

To expand on the press statement dated 14 August 2012 regarding the results of the operations of Atlas Consolidated Mining and Development Corporation ("Atlas”) and its subsidiaries for the first semester of 2012, the management of Atlas reports as follows:
  • In 2011, Atlas opted for the early adoption of Philippine Financial Reporting Standards 10, 11 and 12 to allow a more precise presentation of the extent of its control/influence over its subsidiaries. The implementation of the new reporting standards resulted in the restatement of tlas’s consolidated net income as of 30 June 2011. The restated figure is PhP1.018 billion vis-à-vis the PhP2.028 billion reflected in last year’s report.
  • Based on the restated financial results for 2011, Atlas registered a year-on-year increase in consolidated net income (from PhP1.018 billion to PhP1.611 billion), and in consolidated core income (from PhP1.025 billion to PhP1.695 billion).
  • Irrespective of the effects of the adoption of the new reporting standards, Atlas clearly demonstrated an improvement in performance as (i) the consolidated core income of PhP1.695 billion for the first half of 2012 is better than both the original and restated consolidated core income for the first half of 2011 (PhP1.623 billion and PhP1.025 billion, respectively), and (ii) the net income attributable to Atlas as parent company grew by 38% from PhP1.075 billion during the first half of 2011 to PhP1.485 billion during the first half of 2012.
  • The difference between the previously reported consolidated net income of PhP2.028 billion for the first semester of 2011 and the consolidated net income of PhP1.611 billion for the same period this year mostly represents mark-to-mark adjustments and non-recurring items.
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"Atlas Consolidated Mining and Development Corporation Additional Results of Operation for 1st Semester of 2012" was written by Mary under the Business category. It has been read 1589 times and generated 0 comments. The article was created on and updated on 16 August 2012.
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