Semirara posts 52% growth in net profit

Semirara Mining and Power Corp. said Wednesday net income jumped 52 percent in the first quarter to P4.42 billion from P2.91 billion in the same period last year.

Semirara said in a disclosure to the stock exchange that net of eliminations, coal and power contributed P2.59 billion and P1.83 billion, respectively.

“The higher profitability for this quarter was contributed by coal segment with the 32-percent increase in coal sold to external customers at 2.9 million metric tons,” it said.

Semirara said the higher coal sales were complemented by the 31-percent increase in effective or composite average price in the first quarter.

The company said combined coal production from Molave and Narra mines in its Antique mining operations reached 4 million metric tons.

Coal production increased 17 percent in January to March to 4 million metric tons from 3.4 million tons a year ago, on higher excavating capacity.

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

Meanwhile, energy generation from SEM-Calaca Power Corp. went up 63 percent to 562 gigawatt-hours from 346 gWh last year.

The company recorded a net income after tax of P12.05 billion last year, up from P8.49 billion in 2015.

Officials expressed optimism of higher income in 2017 because of the higher price of coal, better coal production capacity, stronger cement demand and new coal markets.

Meanwhile, Semirara’s shareholders approved yesterday an increase in the firm’s authorized capital stock to P10 billion from P3 billion. Isidro Consunji said the capital increase would allow the company to declare stock dividends in order to disburse huge retained earnings.

Last year, Semirara’s coal sales volume stood at 12.8 million metric tons, translating to revenues of P24.2 billion

Source: <a href="http://thestandard.com.ph/business/power-technology/236311/semirara-posts-52-growth-in-net-profit-.html>"Manila Standard</a>