Semirara H1 profit up 24%

Semirara Mining and Power Corp. (SMPC) reported a 24-percent year-on-year jump in its consolidated net income after tax (NIAT) in the first semester of 2017, which reached P7.86 billion from P6.36 billion in the same period last year.

“Net of elimination, coal, Sem-Calaca Power Corp. (SCPC), and Southwest Luzon Power Generation Corp. (SLPGC) contributed P4.23 billion, P2.14 billion, and P1.50 billion, respectively,” the company said in a statement.

SMPC’s coal mine in Semirara Island produced 73.5 million metric tons of the fossil fuel, surging 25 percent from 5.88 million MT in the first six months of 2016.

The company sold 6.3 million MT of the black stuff, a decrease of 4 percent from 6.6 million MT previously. SMPC said the decrease was “mainly due to timing difference of export deliveries.”

Power generation at SCPC rose 14 percent to 1,383 gigawatt-hours while that at SLPGC went up 8 percent to 817 gwh.