Published August 10, 2018, 10:00 PM By Myrna M.
Velasco
The consolidated net income after
tax of Semirara Mining and Power Corporation (SMPC) had climbed to P8.1 billion
in this year’s first half compared to the leaner P7.86 billion posted for the
same period in 2017.
Improved margins from coal mining
operations, according to the company, had been able to offset foregone revenues
due to power plant downtimes.
It qualified that the company was
able “to benefit from stable benchmark prices while cushioning the impact of
plant shutdowns of its power segment.”
The company’s coal business segment
alone was able to book core profit of P7.2 billion, which is 35 percent higher
than last year’s P5.3 billion.
On power generation, its two power
plants – Sem-Calaca Power Corporation and Southwest Luzon Power Generation
Corporation – brought in P1.72 billion and P841-million income contributions,
respectively.
SMPC emphasized that coal production
slowed down by 2.0 percent to 7.2 million metric tons (MT) from the year-ago
level of 7.4 million metric tons; while global prices also manifested dips in
April and just recovered around June.
“Production in the second quarter
dropped by around one million MT at 3.1 million MT from 4.1 million MT in the
first quarter of 2018,” the Consunji-led firm has specified.
It further explained that the “strip
ratio,” or the amount of overburden materials versus the volume of coal
extracted, had also been down 10.7 bank cubic meters (BCM) from last year’s 8.8
BCM.
SMPC nevertheless emphasized that
“despite the lower production, coal sales jumped to 6.9MT – 9.0 percent better
than last year’s 6.3 million MT.”
No comments:
Post a Comment