Semirara Mining and Power net income up by 59% for past 9 months

MANILA, Nov. 12 (PNA) –- Semirara Mining and Power Corp. posted a 59 percent higher net income of PHP6.21 billion for the past nine months of the year compared to the same period in 2014, the company said in a disclosure to the Philippine Stock Exchange (PSE) Thursday.

The Consunji-led firm noted the net income post tax for the previous year amounted to PHP3.91 billion.

For this year, ending September, its coal business generated a net income of PHP1.14 billion, while its power business generated PHP5.07 billion.

Semirara’s coal segment saw a drop in income “due to the 6 percent drop in average selling price per ton YoY at PHP2,089 from PHP2,219 last year.”

Sales volume also fell by 1 percent from 6.19 million tons last year to 6.13 million tons this year.

Despite the 64-day halted mining operations, Semirara still produced 5.57 million tons of coal, which is lower by 21 percent compared to last year’s 7.01 million tons for the same period.

The company bared it is only behind 20 days of its mining schedule.

Sem-Calaca Power Corp.’s (SCPC’s) net income after tax, on the other hand, surged 34 times from PHP92 million for the same period last year.

The company further noted the 300-megawatt (MW) power plant “generated strong income with both units running steadily this year.”

Semirara explained SCPC’s performance was better this year, as it had incurred losses for the second quarter last year due to high replacement power costs when its second unit had an extended shutdown.

Its power output went up by 81 percent year-on-year to 3,163 Gigawatthours (GWh) from 1,748 GWh last year.

Sales volume also rose by 32 percent to 3,035 GWh versus last year’s 2,292 GWh.

Meanwhile, SCPC’s average selling price per kilowatt hour (kWh) also saw a decline of 9 percent from PHP3.75 last year to PHP3.41 for the past nine months. (PNA)