Semirara Mining net income up 24% in H1

Consunji-led Semirara Mining and Power Corp. (SMPC) reported on Thursday a net income of P7.86 billion in the first half of the year, up 24 percent from P6.36 billion a year earlier, on the back of higher contributions from power and coal businesses.

In a filing with the Philippine Stock Exchange, SMPC said its coal business contributed P4.23 billion to the bottom line, while Sem-Calaca Power Corp. (SCPC) accounted for P2.14 billion and Southwest Luzon Power Generation Corp. (SLPGC) contributed P1.50 billion.

Coal production increased by 25 percent to 7.35 million metric tons (MT) from 5.88 million MT.

Coal sales volume slightly dropped to 4 percent at 6.3 million metric tons from 6.6 million metric tons, mainly due to timing differences of export deliveries, the company said.

The power plants registered a total average load increase of 6 percent, with total energy sold up 2 percent to 771 gigawatt hours from 757 gigawatt hours. 

Source: GMA News Online