Consunji-led Semirara Mining and Power Corporation (SMPC) posted a 279% jump in its consolidated net income for the second quarter of 2021 at Php3.98 billion from Php1.05 billion in the same period last year, mainly due to record-high coal sales and prices.
SMPC said its coal segment accounted for Php3.08 billion, 504% higher from Php503 million last year.
The firm’s contributions from its power generating subsidiary Southwest Luzon Power Generation Corporation (SLPGC) also grew by triple digits at 730% from a net loss of Php57 million to Php359 million. However, SEM-Calaca Power Corporation (SCPC) recorded a slight decline in its earning contribution at Php581 million from Php602 million.
“We had a very good second quarter because of favorable market conditions. Sustaining our performance will be a challenge given the onset of the rainy season and our plant outages but we are determined to optimize our performance,” SMPC President and COO Maria Cristina Gotianun said in a statement.
Coal sales from April to June increased by 96% year-on-year from 2.5 million metric tons (MMT) to 4.9 MMT, which is the highest quarterly sales volume the firm has ever recorded.
In the same period, SMPC’s average selling price of coal surged by 49% to Php2,393 from Php1,601 as Newcastle coal prices peaked at $136 in June, the highest level in more than a decade.
Meanwhile, the total electricity sales during the second quarter grew by 11% to 987-gigawatt hours (GWh) from 892GWh due to a 96% improvement in SLPGC’s gross generation.
The firm’s average selling price likewise increased by 43% to Php4.11 from Php2.97 on account of a 173% increase in spot selling prices.
Photo from SMPC website.