Updated
By Myrna M. Velasco
The consolidated net
income after tax (NIAT) of Consunji-led firm Semirara Mining and Power
Corporation (SMPC) had jumped 18 percent to P14.4 billion in 2017 from the
year-ago level of P12.04 billion.
That reinforced the
company’s earnings per share by 17 percent to P3.32 from previously at P2.83
per share.
SMPC said its earnings
from its coal mining operations had been at P6.08 billion; while income of
Sem-Calaca Power Corporation reached P4.55 billion; and Southwest Luzon Power
Generation Corporation at P3.74 billion.
Prior to elimination of
booked items, it was emphasized that the net income after tax of its coal
business segment should have been at P9.04 billion, roughly 21 percent climb
from P7.50 billion in 2016.
“This is exclusive of
the dividend income of P2.5 billion in 2016 from SCPC and P1.0 billion each in
2017 from SCPC and SLGPC,” the company explained.
On its coal operations,
it noted that “better coal profitability in 2017 is driven by increased average
selling price and slight increase in volume sold.”
SMPC expounded that its
“production and coal sales set new record highs at 13.2 million tons and 13.1
million, respectively.”
The average selling
price of coal, on the other, had been higher by 20 percent to P2,268 per ton
from P1,886 per ton in 2016.
The company specified
that if taken on stand-alone basis, Sem-Calaca Power logged net income after
tax of P2.33 billion, which has been higher by 65-percent from P1.41 billion.
It emphasized that
there had been two significant non-recurring transactions last year that had
favorable impact on the firm’s profitability.
These primarily dealt
with the partial recognition of income from disputed receivables from Power
Sector Assets and Liabilities Management Corporation amounting to P330 million;
and recording of accelerated depreciation amounting to P840 million relative to
the life extension project of its units 1 and 2 in the latter part of 2018.
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