Publicly listed Semirara Mining and Power Corp. on Wednesday reported a 54-percent spike in its post-tax earnings, due mainly to higher coal production and higher sales at one of its power generation units.
In a disclosure to the Philippine Stock Exchange, the Consunji family-controlled firm said its consolidated net income after tax increased 54 percent to P9.55 billion in the first nine months of 2016 from P6.21 billion in the same period last year. More importantly, the figure at the end of September has already surpassed the full year audited consolidated post-tax profit level of P8.47 billion for the entire 2015, the company said.
Coal production, Sem-Calaca Power Corp. (SCPC), and Southwest Luzon Power Generation Corp. (SLPGC) contributed P3.88 billion, P2.5 billion and P3.18 billion to the bottom line, respectively.
Coal production increased by 44 percent to 8.3 million metric tons (MTs) from 5.8 million MTs last year. Production is exclusive of unwashed coal of 871,000 tons and 564,000 tons in 2015 and 2016, respectively. Coal sales volume increased by 57 percent to 9.6 million MTs from 6.1 million last year.
On the other hand, energy generation of SCPC decreased by 37 percent to 1,983 gigawatt hours from 3,163 GWh last year. Unit 2 was on maintenance shutdown the whole of first quarter. Total energy sold decreased by 22 percent to 2,372 GWh from 3,035 GWh in 2015.
The decline in energy generation of SCPC was offset by SLPGC, which generated 1,120 GWh during the period. Total energy sold, inclusive of energy sourced from the spot market, is 1,134 GWh. SLPGC is now in commercial operations.
Before eliminations, coal, SCPC and SLPGC recorded “core” post-tax profits of P5.81 billion, P950 million and P2.80 billion, respectively.
During Semirara’s recent board meeting, its directors also approved the appropriation of P2.5 billion from its unappropriated retained earnings as of December 31, 2015 to cover the capital expenditures and investments for the 2×350 MW power plant project under St. Raphael Power Generation Corp.—a joint venture of Semirara and Meralco Powergen Corp.