Semirara MIning 9-mth net income swells 54%


SEMIRARA Mining and Power Corporation (SMPC) announced on Wednesday a consolidated net income after tax (NIAT) of P9.55 billion in the first three quarters of 2016, up 54 percent from P6.21 billion recorded in the same period last year.

The nine-month result surpassed the full year audited consolidated net income after tax of P8.47 billion in 2015.

The company told the Philippine Stock Exchange (PSE) that net of eliminations, coal, Sem-Calaca Power Corp. (SCPC), and Southwest Luzon Power Generation Corp. (SLPGC) contributed P3.88 billion, P2.50 billion, and P3.18 billion, respectively.

It said coal production increased by 44 percent year-on-year to 8.3 million metric tons (MT) from 5.8 million MT last year, exclusive of unwashed coal of 871,000 tons and 564,000 tons in 2015 and 2016, respectively.
Coal sales volume increased 57 percent from a year ago to 9.6 million MT.

It said energy generation of Sem-Calaca Power decreased by 37 percent year-on-year to 1,983 gigawatt-hours (GWh) from 3,163 GWh last year, noting that “Unit 2 was on maintenance shutdown the whole of first quarter.”
It said total energy sold decreased by 22 percent to 2,372 GWh from 3,035 GWh in 2015.

But this decline in energy generation of Sem-Calaca Power was offset by another subsidiary, Southwest Luzon Power, which generated 1,120 GWh during the period, SMPC said.

It said total energy sold, inclusive of energy sourced from the spot market, reached 1,134 GWh and added that Southwest Luzon Power is now on commercial operation.

Before eliminations, coal, SCPC, and SLPGC recorded core NIAT of P5.81 billion, P950 million, and P2.80 billion, respectively, the mining company said.

Meanwhile, the company said that its board of directors has approved the appropriation of P2.5 billion from its unappropriated retained earnings as of December 31, 2015 to cover the capital expenditures and investments for the 2 x 350 megawatt power plant project under St. Raphael Power Generation Corporation which is a joint venture of SMPC and Meralco Powergen Corporation.


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