Carmen Copper Corp., a wholly-owned subsidiary of Atlas
Consolidated Mining and Development Corp., on Wednesday said it is
declaring P1 billion worth of cash dividends to shareholders for the
first time on improved earnings.
“This first
dividend from CCC is a sign that the work and investments that we have
put in to improve efficiencies and productivity are paying off,” said
Atlas vice president Adrian Ramos.
“Our
expansion program, which we expect to be completed in the second quarter
of 2013, will support consistently robust results in the coming years,”
Ramos added.
The dividend payout, totaling P1 billion, will come from the miner's retained earnings as of end December 2011.
Carmen Copper’s board of directors has approved the dividend payout
amounting to P1 billion from retained earnings as of 31 December 2011.
The company's board of directors were encouraged by the P10.51 billion
in gross revenues during the first nine months of 2012, from P9.63
billion a year earlier, according to Atlas Consolidated, referring to
its subsidiary.
The issuance of dividends was an
offshoot of improved earnings of the copper subsidiary of 9.1 percent
growth in gross revenues to P10.51 billion during the same period in
2012 from P9.63 billion during the first nine months of 2011. — VS, GMA News
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