Atlas profit more than doubles to P2 B in H1

Atlas Mining and Development Corp. more than doubled its profit to over P2 billion in the first semester on the back of higher output and favorable global metal prices.

- JASPER EMMANUEL ARCALAS

In a regulatory filing, Atlas said its net income from January to June reached P2.071 billion, about 158 percent higher than the P803 million it posted in the same period a year ago.

The mining firm's gross revenues rose by 23 percent on an annual basis to P12.475 billion from P10.127 billion last year.

Atlas said its earnings before interest, taxes, depreciation and amortization (EBITDA) expanded by 47 percent to almost P5.3 billion from P3.61 billion last year.