Semirara net incomesurges 52% to P4.42 B

Published May 11, 2017, 10:00 PM By Myrna M. Velasco

http://business.mb.com.ph/2017/05/11/semirara-net-incomesurges-52-to-p4-42-b/

The net income after tax (NIAT) of Consunji-led Semirara Mining and Power Corporation (SMPC) logged significant 52-percent leap to P4.42 billion in this year’s initial quarter from the 2016 level of P2.91 billion in the same period.

The company, in a statement to the media, has emphasized that net of eliminations, its coal business had a heftier share of P2.59 billion in the income base; while its power generation segment brought in P1.83 billion.

SMPC reiterated “the higher profitability for the first quarter was contributed by coal segment with 32-percent increase in coal sold to external customers at 2.9 million metric tons.”

It further explained that “the higher volume sold was complemented by the 31-percent increase in effective or composite average price” compared to last year’s relatively depressed price showing in the first quarter.

SMPC said the combined production of its Molave and Narra mines reached 4.0 million metric tons for the period, posting 17-percent climb from the year-ago level of 3.4 million metric tons.

It added that its aggregated sales volume – inclusive of those procured by the conglomerate’s affiliate power plants – had been higher by 24-percent to 3.6 million MT from 2.9 million MT last year.

At its power generation business segment, total energy sold had been up 38-percent to 586 gigawatt hours (GWh) from last year’s 424 GWh.

For its South Luzon Power Generation Corporation, a relatively marginal increase of 2.0-percent on generation had been registered, with sales hitting 221 gigawatt hours (GWh) from 217 GWh in the same months last year.

The power plant, it said, had average loading of 231 megawatts within the three-month stretch, up from 215MW for the same period last year.

The Consunji firm explained that “although the average load registered this quarter is higher, availability of both units were lower to give way for further enhancements of the power units.”

For its Sem-Calaca Power Corporation, energy generation had been comparatively upbeat with 63-percent hike in capacity sold, reaching 562 GWh from last year’s 346 GWh, generally propelled by the higher output of its unit 2 at 283MW.