Semirara says 2016 net income hit record P12-B

MANILA - Semirara Mining and Power Corp. said Friday its net income hit an all-time high of P12 billion in 2016, driven by higher coal and power sales.

The company said last year's net income was 42 percent higher than the P8.47 billion posted in 2015.

About P6.6 billion came from the power segment, the company told the stock exchange.

“We delivered a solid 2016 performance despite market headwinds and operational challenges. Much of the credit goes to our people, host community, investors and government partners,” said Semirara Mining president and chief operating officer Victor Consunji.

Semirara Mining shares were down 4.77 percent to P141.90 on Friday.

Source: <a href="http://news.abs-cbn.com/business/02/24/17/semirara-says-2016-net-income-hit-record-p12-b">ABS-CBN Online</a>