Semirara records P4.42 billion net income for first quarter 2017

Semirara records P4.42 Billion net income for first quarter 2017

Semirara Mining and Power Corp. recorded a 52% increase in their first quarter income following higher coal and electricity sales.

In a disclosure to the Philippine Stock Exchange, the company said its net income amounted to P4.42 billion for the first three months versus last year’s P2.91 billion for the same period.

Semirara’s coal business contributed P2.59 billion, while P1.83 billion came from its power segment.

The coal business sold 32 percent more coal to external customers at 2.9 million metric tons (MT).

“The higher volume sold was complemented by the 31 percent increase in effective or composite average price compared to [the first quarter of] 2016,” Semirara said.

Meanwhile, its coal sales volume, inclusive of sales to the company’s own power plants, rose by 24% to 3.6 million MT.

For Semirara’s power business, it was mainly driven by the Sem-Calaca Power Corp., whose energy generation went up by 63 percent to 562 gigawatt-hours from the higher generation of Unit 2 that went on a maintenance shutdown the whole first quarter of last year.

The company sold 586 GWh of energy, up 38 percent from 424 GWh.

Sem-Calaca owns and operates the 2×300 – megawatt (MW) coal-fired power plants in Batangas.

Meanwhile, South Luzon Power Generation Corp. (SLPGC)’s power generation recorded a slight increase of 2 percent to 221 GWh.

SLPGC is the 2×150-MW expansion of the Sem-Calaca plant.

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