Semirara Mining records P9 billion net income in nine months

semirara-mining-records-p9-billion-net-income-in-nine-months

The country’s largest coal producer, Semirara Mining and Power Corp recorded a 54% increase in earnings in nine months ending September following higher coal production and sales and the new power generated from the new power plant in Batangas.

In a disclosure to the Philippine Stock Exchange, the company’s net income amounted to P9.55 billion from January to September 2016, versus the P6.21 billion recorded in the same period last year.

Sermirara’s coal mining operations contributed a P3.88 billion income while its power segment sealed P5.68 billion – P2.5 billion from the Sem – Calaca Power Corp. (SCPC) and P3.18 billion from the Southwest Luzon Power Generation Corp. (SLPGC)

Coal production expanded 44% to 8.3 million MT, while sales volume surged 57% to 9.6 million MT.

Meanwhile in its power business, its energy generation subsidiary SCPC decreased 37% to 1,983 gwh following the maintenance shutdown of Unit 2 in the first quarter. This meant lower total energy sold at 2,372 gwh, 22% lower from last year.

But the energy generation decline of SCPC was offset by SLPGC that generated 1,120 gwh in the period. Total energy sold – including energy sourced from the spot market amounted to 1, 134 gwh.

SCPC operates a 2×300 coal – fired power plant in Batangas, while SLPGC owns the 1×150 MW expansion plant that was completed this year.

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