Semirara Q1 profit surges 52% to P4.42B

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INTEGRATED energy firm Semirara Mining and Power Corporation (SMPC) reported net income after tax of P4.42 billion for the first three months of this year, a 52 percent increase from the P2.91 billion posted last year.

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The company told the Philippine Stock Exchange (PSE) on Thursday that net of eliminations, coal and power contributed P2.59 billion and P1.83 billion, respectively, this year.

The higher profitability for this first quarter was contributed by the coal segment, with a 32 percent increase in coal sold to external customers at 2.9 million metric tons (MT). The higher volume sold was complemented by a 31 percent increase in effective or composite average price compared to the first quarter last year, it said.

SMPC said the combined coal production from its Molave and Narra mines reached 4.0 million MT. Coal production went up 17 percent year-on-year to 4.0 MT from 3.4 million MT last year due to higher excavating capacity.

Total coal sales volume, inclusive of sales to the company’s own power plants, increased by 24 percent year-on-year to 3.6 million MT from 2.9 million MT in the same quarter last year.

Meanwhile, it said energy generation from SEM-Calaca Power Corporation increased 63 percent to 562-gigawatthours (GWh) from 346-GWh last year, which mainly came from Unit 2.

Unit 1, on the other hand, underwent maintenance and upgrade in the first quarter this year to improve its capacity using Semirara coal. Total energy sold increased by 38 percent to 586 GWh from 424 GWh in 2016.
It said power generation from another subsidiary, Southwest Luzon Power Generation Corporation (SLPGC), slightly increased by 2 percent to 221 GWh with an average load of 231 MW from 215 MW compared to last year.

Before eliminations, the company said coal and power recorded net income after tax of P3.40 billion and P1.03 billion, respectively.

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