CONSUNJI-LED Semirara Mining and Power Corp. said on Friday that its consolidated net income after tax rose to P14.14 billion in 2017, up 18 percent from P12.04 billion in 2016 and driven by strong revenues from its coal business and subsidiaries.
Coal, Sem-Calaca Power Corp. (SCPC), and Southwest Luzon Power Generation Corp. (SLPGC) contributed P6.08 billion, P4.55 billion, and P3.74 billion, respectively, to Semirara Mining’s bottom line after eliminations.
Before eliminations, the coal segment’s core consolidated net income after tax climbed by 21 percent to P9.04 billion from P7.50 billion last year, which is exclusive of the dividend income of P2.5 billion recorded in 2016 from SCPC and P1 billion each in 2017 from SCPC and SLPGC.
It said the higher average selling price (ASP) and slight increase in volume sold boosted coal profitability in 2017.
Production and coal sales posted new record highs at 13.2 million tons and 13.1 million tons, respectively. Coal ASP increased 20 percent year-on-year to P2,268 per ton from P1,886 per ton in the previous year, the company said.
Consolidated earnings per share (EPS) stood at P3.32, up 17 percent from P2.83 in 2016.
Consolidated assets, liabilities and equity closed at P68.5 billion, P30.8 billion, and P37.7 billion, respectively, Semirara Mining said.
Meanwhile, consolidated cash end for the past year touched P8.5 billion.
SCPC’s net income after tax touched P2.33 billion, up 65 percent from P1.41 billion in 2016. Power generation at SCPC rose 21 percent to 3,515 gigawatt hours (GWh) in 2017 from 2,905 GWh in 2016.
But SLPGC’s 2×150-megawatt (MW) plants recorded net income after tax of P3.10 billion in 2017, down by 4 percent from P3.22 billion in the previous year.
SLPGC’s gross generation grew 22 percent to 1,687 GWh in 2017 from 1,383 GWh in the previous year.
Semirara Mining is a unit of DMCI Holdings, Inc. and is engaged in the business of exploring, developing, and mining the coal resources on Semirara Island located in Caluya, Antique.
The integrated energy company owns and mines its own fuel source, enabling it to generate affordable baseload power for the Luzon and Visayas grids.