16 May 2012 - Atlas Consolidated Mining and Development Corporation ("Atlas") reports consolidated net revenues of PhP3.23 billion for the first quarter of 2012 ("2012 Q1").
Notwithstanding the decline in copper price, the revenues realized by Atlas's wholly-owned subsidiary Carmen Copper Corporation ("CCC") from its sale of copper concentrate during 2012 Q1 did not reflect a significant dip relative to the revenues earned in the first quarter of 2011 ("2011 Q1") on account of improved production levels and higher gold by-product credits.
Atlas's consolidated revenues also benefitted from the PhP184.5 million contribution of its nickel project which continues to be pursued by Berong Nickel Corporation since resuming mining operations last year.
The increase in CCC's copper production entailed a rise in operating expenses. The conduct of more intensive exploration activities by Atlas's exploration subsidiary likewise contributed to the build up of expenses during 2012 Q1.
CCC recognized a non-recurring charge amounting to PhP176 million which represents the derivative loss on the exercise of the option to effect full settlement of certain loan obligations prior to their maturity.
The surge in production cost and the incurrence of extraordinary charges resulted in a 2012 Q1 consolidated net income of PhP298 million that is approximately PhP1.04 billion less than what was recorded in 2011 Q1 during which period copper prices were relatively high and the cost of energy was comparatively low.
Commenting on the results of operations for 2012 Q1 in the light of expansion plans, Atlas Executive Vice President Mr. Adrian Ramos said: "Atlas, through CCC, has begun a fully-funded, aggressive expansion program aimed at increasing productivity in a cost-efficient manner. The production milestones achieved during the first quarter of this year provide a strong indication that such undertaking is on track and that its goals are realizable."
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