Semirara 1Q income nearly doubles despite Sem-Calaca shutdown
- May 6, 2021
- 0
Consunji-led Semirara Mining and Power Corporation (SMPC) posted a 93% surge in its consolidated reported net income to Php2.3 billion in the first quart
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er this year from Php1.2 billion last year, despite the unplanned outages of its coal power plants.
In a disclosure to the Philippine Stock Exchange on Tuesday, SMPC likewise said its consolidated revenue went up by 27% to 9.3 billion from Php7.3 billion year-on-year.
Power generating subsidiary Southwest Luzon Power Generation Corporation (SLPGC) reported a consolidated net income of Php620 million, a 446% turnaround from its Php179 consolidated net loss year-on-year.
SLPGC’s profit comes as its revenue grew by 160% to Php1.8 billion from Php0.7 billion in the same period last year due to improved plant capacity, higher gross generation, and increased sales volume.
As of end-March, SLPGC had contracted 73% of its 300MW total dependable capacity.
However, Sem-Calaca Power Corporation (SCPC) reported a 96% drop in net income to just Php5 million from Php124 million previously, as a result of the 12-day outage of its Calaca power plant’s 300-megawatt (MW) Unit 1 and the continued outage of Unit 2. The 300MW Unit 2 has been offline since December 2020 and is expected to return online by the first week of August, according to the Department of Energy.
As of end-March, SCPC has contracted only 36% of its 530 megawatt-hours (MWh) total dependable capacity.
Income from coal operations also rose by 34% to Php1.67 billion from Php1.25 billion. Revenue went up by 16% year-on-year to Php7.1 billion from Php6.1 billion, due to improved market conditions and coal productions. Total production of coal increased by 42% to 4.5 million metric tons (MMT) from 3.2 MMT. SMPC produces its own coal supply to fuel its power plants.
SMPC’s 2020 income dropped by 66% to Php3.3 billion due to the COVID-19 pandemic and import quotas, but officials recently said that they do not expect profits to return to pre-pandemic levels anytime soon.
