Atlas Mining posts lower 2006 net income

Atlas Mining posts lower 2006 net income

Atlas Consolidated Mining and Development Corp. said Monday its consolidated net income in 2006 declined to P47 million from P85.4 million a year earlier.

Income at parent level, however, was higher at P272 million on the back of retiring liabilities and market-to-market gain on restructured debt.

Alfredo Ramos, president and chairman of Atlas, said the company’s total liabilities dropped by 42 percent after it settled prior labor liabilities and real property tax obligations to Toledo City in Cebu, where it is holding copper mining activities.

Established in 1935, Atlas is a resource company engaged in copper and nickel mining and bulk water supply activities.

It has three subsidiaries””the Carmen Copper Corporation, Berong Nickel Corporation and Aquatlas Inc.

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