Semirara income increases 78% in H1

Semirara Mining and Power Corp. (SMPC) said its earnings jumped in the first half of 2015 on stable power business operations.

In a regulatory filing, SMPC said its consolidated net income from January to June this year increased 78 percent to P4.71 billion from P2.65 billion in the same period last year.

The company said its coal and power segments contributed P1.45 billion and P3.26 billion, respectively.

The operating power subsidiary, Sem-Calaca Power Corp., registered a record high generation of 2,165 gigawatt-hours (GWh) in the same period, up by 143 percent year-on-year.

Both coal and power units performed steadily in the first half this year at an average capacity of 551-MW or a 29-percent improvement from last year. The units also posted a capacity factor of 83 percent from a meager 34 percent in the same period last year, the company said.

Coal production, however, dropped 8 percent year on year to 4.46 million metric tons (MT) from 4.87 MT.

The firm also reported that environmental regulators have already lifted the suspension order imposed on its Panian mine in Antique, where a pit wall collapsed and killed nine workers on July 17.

“Today, we received an order dated Aug. 10, 2015 from DENR Main Office lifting the suspension order on the company’s [environmental compliance certificate] on the basis of its finding that there is no adverse effect or damage to the environment in relation to the landslide that occurred at the north edge of the Panian Mine and same is due to fortuitous event,” the firm said.

The Department of Environment and Natural Resources said the country’s top coal miner expressed willingness to comply with additional conditions to be able to operate Panian.

Among others, the company must conduct a hazard and operability study within 60 days. The study must be updated every five years, the DENR said.