Semirara profit soars 54% to P9.55 billion

Published November 9, 2016, 10:01 PM By James A. Loyola
http://business.mb.com.ph/2016/11/09/semirara-profit-soars-54-to-p9-55-billion/

Semirara Mining and Power Corporation reported a 54 percent surge in consolidated net income to P9.55 billion in the first nine months of 2016 from the P6.21 billion registered in the same period last year.

In a disclosure to the Philippine Stock Exchange, the firm said its nine-month result surpassed the full year audited consolidated net income of P8.47 billion in 2015.

Semirara Mining and Power Corporation logo (Courtesy of www.semiraramining.com)

Net of eliminations, coal, Sem-Calaca Power Corporation (SCPC), and Southwest Luzon Power Generation Corporation (SLPGC) contributed P3.88 billion, P2.50 billion, and P3.18 billion, respectively.

Coal production increased by 44 percent to 8.3 million metric tons (MTs) from 5.8 million MTs last year. Production is exclusive of unwashed coal of 871 thousand tons and 564 thousand tons in 2015 and 2016, respectively.

Coal sales volume increased by 57 percent to 9.6 million MTs from 6.1 million last year.

On the other hand, energy generation of Sem-Calaca Power Corporation (SCPC) decreased by 37 percent to 1,983 gwh from 3,163 gwh last year. Unit 2 was on maintenance shutdown the whole of first quarter. Total energy sold decreased by 22 percent to 2,372 gwh from 3,035 gwh in 2015.

The decline in energy generation of SCPC was offset by another subsidiary, SLPGC, which generated 1,120 gw during the period. Total energy sold, inclusive of energy sourced from the spot market is 1,134 gwh.