Business Mirror
Published on Wednesday, 13 March 2013 18:37 Written by Lenie Lectura / Reporter
SEMIRARA Mining Corp. reported on Tuesday a net income of P6.36 billion in 2012, slightly higher than the P6 billion it posted a year ago.
The Consunji-controlled firm said net contribution by its coal business as well as its power unit stood at P3.81 billion and P2.55 billion, respectively.
The 5-percent growth in net income was mainly due from its power segment which registered a 37-percent growth year on year, mainly on account of a 32-percent increase in energy generation from 1,860 gigawatthours (GWh) in 2011 to 2,463 GWh in 2012.
“The power segment was also able to take advantage of the higher spot prices towards the end of the year further augmenting the power segment’s financial bottom line,” Semirara said.
Semirara added that the results of operation of the coal segment dropped by 7 percent year-on-year due to the lower average price of coal. The decrease, it added, was tempered by the 7.2 million metric ton (MT) of coal sold compared with 6.5 million MT, which is a 10-percent increase year-on-year. Consolidated earnings per share went up 5 percent last year to P17.85 are from P16.93.
The company generates the bulk of its revenues from the production of sub-bituminous coal, with additional revenues coming from coal-handling services for the company’s wholly owned subsidiary, SEM-Calaca Power Corp. source
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