ATLAS Consolidated Mining and Development Corp. returned to profitability in the second quarter, posting a net income of P3.97 billion as higher gold and copper prices boosted the company's financial performance.
The mining company reversed a net loss of P249.56 million recorded in the same quarter last year.
The latest quarterly result builds on Atlas Mining's return to profitability in the first half of 2026, when it recorded P4.6 billion in net income, compared with a P653 million net loss a year earlier.
Consolidated revenues for the six months rose 46% year on year to P24.7 billion, driven by stronger commodity prices and improved earnings from its mining operations.
Atlas Mining's flagship Carmen Copper Corp. operation in Cebu produced 37.2 million pounds of copper and 17,795 ounces of gold in the first half. Production was lower year on year as mining progressed deeper into the pit, resulting in declining ore grades.
The decline in output was more than offset by higher realized metal prices. Gold prices averaged $4,622 per ounce in the first half, up 49% from a year earlier, while copper prices increased 38% to an average of $5.57 per pound.
The company has been implementing a mine redevelopment program aimed at accessing higher-grade ore and extending the operating life of the Carmen mine.
Atlas Mining's earnings performance comes as mining companies benefit from elevated precious and base metal prices, supported by supply constraints, resilient demand and geopolitical uncertainty.
The company remains exposed to commodity-price volatility, however, with gold and copper prices likely to remain a key driver of earnings and cash flow in the second half of the year.
