Corporate roundup

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    Atlas swings to profit

    Atlas Consolidated Mining and Development Corp. said profit last year reached P118 million, a  from a turnaround from a P565-million loss the prior year.

    The company said  Carmen Copper Corp. increased its copper metal production from 107.24 million pounds in 2019 to 107.09 million pounds in 2020.

    Gold production meanwhile hit 47,857 ounces, up 27 percent from 37,786 ounces the prior year.

    “The increase in gold production resulted from higher tonnage milled and higher realized gold grades, respectively. Milling tonnage increased by 5 percent from 17.57 million tons to 18.37 million tons,” Atlas said.

    “Copper grades decreased by 5 percent from 0.319 percent to 0.304 percent; while gold grade significantly improved by 31 percent from 6.24 grams/dry metric tons (dmt) to 8.17 grams/dmt,” it added.

    The company said copper content of concentrates it shipped were down 4 percent to 106.07 million pounds while gold content increased by 23 percent to 43,480 ounces due to higher gold grade.

    It also benefited from the improvement in metal prices with the average realized copper price for 2020 up 2 percent at $2.79/pound (lb) compared to $2.72/lb in 2019, while the average realized gold price was up 27 percent to $1,777/ounce (oz) in 2020 compared to $1,394 in 2019.

    GT Capital profit down 68%

    GT Capital Holdings Inc. said profit last year reached P6.5 billion, down 68 percent from P20.3 billion in 2019.

    Revenues reached P134.4 billion, down 40 percent from P222.9 billion from the previous year.

    “Contributing to GT Capital’s results were Metropolitan Bank & Trust Company (Metrobank), with a net income of P13.8 billion, as well as Toyota Motor Philippines (TMP), which realized a net income of P3.4 billion,” it said.

    Metrobank had income before provisions up 26 percent to P61.8 billion.

    Metrobank however booked P40.8 billion in provisions to cover potentially soured loans, resulting to a full-year 2020 profit of just P13.8 billion.

    TMP  booked profit of P3.4 billion, down from P9.3 billion in 2019. Revenues reached P99.8 billion, up from P168.6 billion in 2019.Realty arm Federal Land Inc. meanwhile booked profit of P624 million, down from P1.6 billion. Revenues reached P9.3 billion, down from P13.2 billion in 2019.

    AXA Philippines posted profit ofP2.9 billion, up 22 percent from P2.4 billion in 2019.  Consolidated life and general insurance gross premiums reached P36.3 billion, up 13 percent from P32.1 billion, driven by the life segment, which rose 19 percent.

    ANI to raise 75M euros

    AgriNurture Inc.  looks to raise 75 million euros through the issuance of a Euro Green Bond.

    The seven-year bond was assigned a “Medium Green” certification from international research and rating agency Cicero Shades of Green.

    Medium green is a high rating allocated to “projects and solutions that represent steps toward the long-term vision,” Agrinurture said.

    “This is the first to be given to a Philippine agricultural firm,” it said.

    Agrinurture is also the first Philippine agriculture firm to  tap into Euro green bonds.

    The company said it will use the proceeds of the bonds to fund “agricultural project expansion geared toward climate change adaptation and minimized environmental footprint.”

    Vivant to implement  EU-funded solar project

    Vivant Corp. has been tapped as implementor of the European Union-funded project, Renewable Energy for Livelihood and Youth (RELY) that equips solar power projects in schools located in remote islands.

    Vivant said solar energization projects were turned over this month at Carnaza Elementary School and at Carnaza National High School located in Northern Cebu with a system capable of generating 21,120 watts-peak of electricity.

    As a whole, RELY aims to promote the use of renewable energy in poor and remote communities by energizing 16 off-grid public schools in Cebu, Bohol and Palawan. The project also involves the facilitation of vocational education by collaborating with five partner senior high schools located closest to the off-grid schools.

    Vivant Corp. through its Vivant Foundation is also being aided by PROCESS Bohol in implementing the project.

    Locally- made green power transformer to be launched this year

    First Philec Inc. is set to launch this year a super green transformer model to be made from 100 percent recyclable and biodegradable materials.

    Ariel Ong, First Philec president, said the product will not only  reduce carbon footprint but will also provide the highest efficiency in its class for extended product life and use.

    Ong said at present, most transformers in the market are made mostly from metals as well as non-metallic components like insulating coolants to enable power systems to adjust up and down voltage levels as needed.

    “All metallic parts of our upcoming transformer model are recyclable; while all its non-metallic components will be biodegradable or recyclable. The new transformer model will use an insulating coolant from natural ester, which is a vegetable-based and non-polluting oil product from renewably sourced and sustainably grown crop seeds. Any accidental release of the transformer’s non-metallic parts poses no risk to the environment due to its full biodegradability,” Ong added.