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 quarter 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.