business world
TUESDAY, 22 MARCH 2011 20:09 MIGUEL R. CAMUS / REPORTER
Semirara Mining Corp., the mining and power unit of Consunji-led DMCI Holdings Inc., said its 2010 net profit more than doubled to P3.95 billion from P1.85 billion in 2009.
In a filing posted on the web site of the Philippine Stock Exchange, Semirara attributed its profitability, which beat estimates, to the increase in coal and electricity sales which jumped 92.4 percent to P22.9 billion.
Despite these income results, Semirara shares slid 1.68 percent to P234 each on Tuesday’s close.
Local stock-brokerage firm Citisec Online expected the company’s profit to hit P3.57 billion on sales of P24.62 billion.
Semirara generates bulk of its revenues from coal mining and power generation through its 600- megawatt (MW) Calaca coal-fired plant in Batangas province.
Semirara recently announced a plan to develop an ecozone near its Calaca plant area to attract locators with high power requirements.
The company also told the exchange earlier this month that it is in exploratory talks to partner with a Chinese group to build a nickel-smelting plant within the said ecozone.
Semirara is studying a plan to build another 600-MW power plant near Calaca site which is estimated to cost $800 million until its completion in 2013.
The company is a subsidiary of DMCI, which has interests in construction, water infrastructure, real-estate development, mining and power.
DMCI recently disclosed that its unaudited net income hit P8.84 billion for 2010, buoyed by the one-time gain from the sale of its unit, Atlantic Gulf & Pacific Company of Manila Inc.
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