Danessa Rivera (The Philippine Star)
- August 14, 2019 - 12:00am
MANILA, Philippines — Consunji-led
Semirara Mining and Power Corp. (SMPC) saw net profit drop by a quarter in the
first six months due to the shutdown of a power plant under maintenance.
SMPC said its consolidated net
income amounted to P6 billion, 26 percent lower year-on-year.
“The Unit 1 of the 2x300 MW
(megawatts) was offline for the whole period because of the life extension
project,” the company said.
SMPC was referring to Unit 1 of
SEM-Calaca Power Corp. (SCPC), which is on a six-month life extension Program
(LEP) since Dec. 30, 2018.
LEP is a cost-effective strategy to
maintain and upgrade operations of existing facilities beyond its traditional
lifetime, at the same time to limit environmental complications and financial
risks.
Coal and Southwest Luzon Power
Generation Corp. contributed P4.64 billion and P1.62 billion, respectively, for
the first half.
SCPC recorded a net loss of P242
million.
In the second quarter, SMPC
registered higher second quarter earnings of P3.67 billion.
SMPC said the improved numbers in
WESM prices and coal sales in the second quarter tempered the drop in the first
semester.
Earlier, SMPC chairman and chief
executive officer Isidro Consunji said the company would book lower earnings
this year and recover next year due to scheduled and unplanned outage of its
generating plants.
SMPC is the only
vertically-integrated power producer in the country that mines its own fuel
source, allowing it to generate affordable baseload power.
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