SEMIRARA Mining and Power Corp. (SMPC) said its net income for the first half of the year climbed 78 percent from a year ago on the improved performance of its coal and power segments.
In a disclosure to the Philippine Stock Exchange (PSE), SMPC said its net income in the first six months rose to P4.71 billion from P2.65 billion in the same period last year.
The company said that net of eliminations, the coal and power segments contributed P1.45 billion and P3.26 billion, respectively.
SMPC said the power segment’s net income after tax is net of P27 million in non-capitalizable pre-operating expenses of Southwest Luzon Power Generation Corporation (SLPGC).
Southwest Luzon is the project company of the Phase 1 power expansion of the 2×150 MW coal fired power plants.
Its operating power subsidiary, Sem-Calaca Power Corp., registered a record high generation of 2,165 gigawatt-hours (GWh) in the current period, up 143 percent year-on-year from 893 GWh last year.
“Both power units were performing more steadily in the first half this year at higher average capacity of 551 MW or 29 percent improvement and posting a capacity factor of 83 percent from a meager 34 percent in the same period last year,” said SMPC.
Meanwhile, SMPC said its coal production dropped 8.0 percent to 4.46 million metric tons (MTs) from 4.87 million MT last year.
This was due to the deployment of some mining equipment to prepare future operating areas, while some were used to haul coal to the ship loading area when the upgrading of a coal conveyor system was undertaken.
SMPC has suspended its coal export shipment to prioritize domestic consumption after a landslide occurred at the north edge of the Panian Mine in Antique Province on July 17 that killed nine of its workers.