Semirara profit surges 52%

MANILA, Philippines - Higher coal and electricity sales pushed up Semirara Mining and Power Corp.’s income 52 percent in the first quarter of 2017.

Semirara said its net income in the first three months amounted to P4.42 billion versus the P2.91 billion booked in the same period last year.

It said its coal business contributed P2.59 billion while its power segment added P1.83 billion.

Semirara attributed the higher income from the coal business, which sold 32 percent more coal to external customers at 2.9 million metric tons (MT).

“The higher volume sold was complemented by the 31 percent increase in effective or composite average price compared to (the first quarter of) 2016,” it said.

For the period, combined coal production from the Molave and Narra mines reached four million MT, a 17 percent rise from 3.4 million MT last year due to higher excavating capacity.
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Total coal sales volume, inclusive of sales to the company’s own power plants, increased 24 percent from 2.9 million MT to 3.6 million MT.

For its power business, Semirara said it was mainly driven by the Sem-Calaca Power Corp., whose energy generation rose 63 percent from 346 gigawatt-hours (gwh) to 562 gwh mainly from the higher generation of Unit 2, which was on maintenance shutdown the whole first quarter last year.

Total energy sold increased 38 percent from 424 gwh to 586 gwh.

Sem-Calaca owns and operates the 2x300-megawatt (MW) coal-fired power plants in Batangas.

Meanwhile, power generation from another subsidiary, Southwest Luzon Power Generation Corp. (SLPGC), increased two percent from 217 gwh to 221 gwh.

Average load was higher at 231 MW compared to 215 MW last year but availability of both units were lower to give way for further enhancements of the power units. Volume sold also dipped six percent at 234 gwh from 250 gwh last year.

SLPGC is the 2x150-MW expansion of the Sem-Calaca plant.

Source: <a href="http://www.philstar.com:8080/business/2017/05/15/1700028/semirara-profit-surges-52">Philippine Star</a>