| By Zinnia B. Dela Peña (The Philippine Star) Updated March 28, 2011 12:00 AM |
MANILA, Philippines - Semirara Mining Corp., the coal unit of the Consunji family’s listed flagship firm DMCI Holdings, reported a net income of P3.95 billion last year or more than double the P1.8 billion recorded in 2009 on robust revenues.
In a financial report submitted to the Philippine Stock Exchange (PSE), Semirara said revenues nearly doubled to P22.9 billion, mainly driven by higher sales volume and the full year operation of the 600-megawatt (MW) coal-fired power plant, which the company acquired in December 2009.
The coal segment was the company’s biggest contributor to earnings growth, chipping in P2.52 billion while the power generation business pumped in P1.44 billion to Semirara’s total income.
The Calaca plant is undergoing a seven-month rehabilitation, which will boost capacity to 550 MW from 340 MW.
Increasing number of coal-fired plants and supply disruption in key coal exporting countries fueled global demand for thermal coal in 2010. The latest round of capacity expansion allowed Semirara to meet more orders, registering a 60-percent growth in sales from 4.46 million metric tons in 2009 to 7.14 million MT last year.
Export sales continued to be Semirara’s main growth driver, accounting for 57 percent of total sales. From only 2.26 million MT in 2009, export sales grew 81 percent to 4.098 million. Around 75 percent of export deliveries went to China. The rest were delivered to India, Thailand, Hong Kong, and South Korea.
Local sales, on the other hand, comprised 43 percent of total volume at 3.04 million MT
Earnings per share amounted to P12.10 compared with P6.65 while operating income was P4.2 billion or more than twice the P1.85 billion reported a year earlier.
As of end-December last year, Semirara recorded consolidated ending cash balance of P3.81 billion, almost seven times the beginning balance of P481.92 million.
In a financial report submitted to the Philippine Stock Exchange (PSE), Semirara said revenues nearly doubled to P22.9 billion, mainly driven by higher sales volume and the full year operation of the 600-megawatt (MW) coal-fired power plant, which the company acquired in December 2009.
The coal segment was the company’s biggest contributor to earnings growth, chipping in P2.52 billion while the power generation business pumped in P1.44 billion to Semirara’s total income.
The Calaca plant is undergoing a seven-month rehabilitation, which will boost capacity to 550 MW from 340 MW.
Increasing number of coal-fired plants and supply disruption in key coal exporting countries fueled global demand for thermal coal in 2010. The latest round of capacity expansion allowed Semirara to meet more orders, registering a 60-percent growth in sales from 4.46 million metric tons in 2009 to 7.14 million MT last year.
Export sales continued to be Semirara’s main growth driver, accounting for 57 percent of total sales. From only 2.26 million MT in 2009, export sales grew 81 percent to 4.098 million. Around 75 percent of export deliveries went to China. The rest were delivered to India, Thailand, Hong Kong, and South Korea.
Local sales, on the other hand, comprised 43 percent of total volume at 3.04 million MT
Earnings per share amounted to P12.10 compared with P6.65 while operating income was P4.2 billion or more than twice the P1.85 billion reported a year earlier.
As of end-December last year, Semirara recorded consolidated ending cash balance of P3.81 billion, almost seven times the beginning balance of P481.92 million.
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