Posted on
August 11, 2016
SEMIRARA Mining & Power Corp. (SMPC), a subsidiary of DMCI Holdings, Inc., saw its net earnings jump 35% in the first semester on higher coal revenues.
In
a disclosure to the stock exchange, SMPC said its net income in the first
semester stood at P6.36 billion, up by 35% from P4.71 billion a year ago.
The Consunji-led company’s consolidated revenues in the January to June period grew by 21% to P16.6 billion from P13.7 billion in the same period last year.
SMPC said coal production went up 14% year-on-year to 5.9 million metric tons (MTs). Coal sales volume increased by 55% to 6.6 million MTs, while the average selling price fell 24% during the first half.
“Coal sales is inclusive of 437,000 tons of washable coal sold to own power plants at lower price, thus also explaining the drop in [average selling price],” SMPC said.
Revenues from coal increased by 18% to P10.94 billion in the first half, pushing core income 39% higher to P3.78 billion.
Energy generation of SEM-Calaca Power Corp. (SCPC) fell by 44% to 1,212 GWh in the January to June period, as the plant’s Unit 2 was on maintenance shutdown in the first quarter and only came back online in mid-April. Total energy sold declined by 33% to 1,390 GWh.
SCPC generated P4.5 billion in revenues in the first half, 37% lower than P7.24 billion it posted a year ago. This led to a 72% drop in SCPC net income to P590 million in the first half from P2 billion a year ago.
Meanwhile, Southwest Luzon Power Generation Corp. (SLPGC) recorded P2.4 billion in revenues in the first half, resulting in a P2 billion profit.
SLPGC generated only 757 GWh during the period, as its Unit 3 and 4 of its coal plant in Batangas only started running stably in the last week of March.
Shares in SMPC added P1.90 or 1.67% to close at P115.90 apiece on Wednesday. -- Janine Marie D. Soliman
The Consunji-led company’s consolidated revenues in the January to June period grew by 21% to P16.6 billion from P13.7 billion in the same period last year.
SMPC said coal production went up 14% year-on-year to 5.9 million metric tons (MTs). Coal sales volume increased by 55% to 6.6 million MTs, while the average selling price fell 24% during the first half.
“Coal sales is inclusive of 437,000 tons of washable coal sold to own power plants at lower price, thus also explaining the drop in [average selling price],” SMPC said.
Revenues from coal increased by 18% to P10.94 billion in the first half, pushing core income 39% higher to P3.78 billion.
Energy generation of SEM-Calaca Power Corp. (SCPC) fell by 44% to 1,212 GWh in the January to June period, as the plant’s Unit 2 was on maintenance shutdown in the first quarter and only came back online in mid-April. Total energy sold declined by 33% to 1,390 GWh.
SCPC generated P4.5 billion in revenues in the first half, 37% lower than P7.24 billion it posted a year ago. This led to a 72% drop in SCPC net income to P590 million in the first half from P2 billion a year ago.
Meanwhile, Southwest Luzon Power Generation Corp. (SLPGC) recorded P2.4 billion in revenues in the first half, resulting in a P2 billion profit.
SLPGC generated only 757 GWh during the period, as its Unit 3 and 4 of its coal plant in Batangas only started running stably in the last week of March.
Shares in SMPC added P1.90 or 1.67% to close at P115.90 apiece on Wednesday. -- Janine Marie D. Soliman
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