May 12, 2020 | 12:02 am
CONSUNJI-LED Semirara Mining and Power Corp. (SMPC) posted a 43% drop in
net income after tax to P1.2 billion in the first quarter as its coal business
saw declines in production and export sales.
In a disclosure to the stock exchange Monday, the integrated energy firm
reported its coal output went down 22% to 3.2 million metric tons (MT) in the
quarter from 4.1 million MT in the same period in 2019.
It noted export sales plunged by 20% to 1.6 million tons, compared to 2
million tons registered in the same quarter last year, while domestic sales
were almost unchanged at 1.6 million tons year-on-year.
Its average coal selling price decreased by 16% to P1,900 per ton from
P2,272/ton in the same period from the previous year, brought down by the drop
in global coal prices.
Meanwhile, the energy sales of its two units, SEM-Calaca Power Corp.
(SCPC) and Southwest Luzon Power Generation Corp. (SLPGC), went up 8% to 692
gigawatt-hours (GWh) from 638 GWh last year.
However, average energy prices decreased due to lower global coal prices
and the impact of the coronavirus disease 2019 (COVID-19) pandemic.
The average energy price at SCPC fell by 25%, while SLPGC saw its
average energy price cut by 33% because of higher excess capacity to spot
market and lower prices at the Wholesale Electricity Spot Market.
SCPC’s Unit 2 was down during the January-March period since its
shutdown last October as it underwent a life extension program, while its Unit
1 was already operational in the quarter.
SLPGC’s Unit 1 went back online last Feb. 12 after its planned outage
since December last year, while its Unit 2 went into planned outage on Feb. 19.
On Monday, shares in SMPC inched down 0.34% to close at P11.76 each.
— Adam J. Ang
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