Semirara Mining hikes capital stock to P3b

Manila Standard Today
By Jenniffer B. Austria | Mar. 10, 2014 at 12:01am 

Semirara Mining Corp., a coal miner and power producer led by the Consunji family, is trebling its authorized capital stock to P3 billion from P1 billion in preparation for possible capital-raising activities. 
Semirara said in a disclosure to the stock exchange it would also change its corporate name to Semirara Mining and Power Corp. “to reflect the forward integration of the company business as a coal supplier or producer to power generation through its wholly-owned subsidiaries.” 
The company said the increase in authorized capital stock would enable it to act immediately and appropriately on business opportunities and developments as they may arise in the future. “The additional authorized capital may be used to readily address company’s requirements for business and financial purposes,” Semirara said. 
“This shall support future board recommendations, which may include, but not limited to, raising capital through the sale of common stock, acquiring other companies and businesses in exchange for shares of common stock, and other transactions and corporate purposes that the board of directors deems to be in the company’s best interest,” it said. 
Semirara reported last week net income after tax jumped 18.9 percent in 2013 to P7.54 billion from P6.34 billion in 2012, on higher coal and power sales. 
Coal and power segments contributed P1.8 billion and P5.9 billion to the company’s bottom line, respectively. 
Semirara said the coal business increased 1.8 percent year-on-year to P5.34 billion from P5.24 billion in 2012. 
The company sold 7.6 million metric tons of coal last year, up from 7.2 million MT in 2012 as the lower cost of sales per metric ton offset the 11-percent drop in coal average price to P2,185 per MT in 2013 from P2,455 in 2012. 
The company’s power segment also registered an 84.8-percent growth to P4.72 billion in 2013 from P2.55 billion in 2012, as a result of the 48-percent increase in energy sold at 3,460 gigawatthours, from 2,365 GWh in 2012. source