Consunji-led Semirara Mining and Power Corp. said its first semester net income soared by 311 percent to a record P25.8 billion, propelled by high coal prices alongside strong sales.
The soon-to-be Philippine Stock Exchange index member attributed the substantial increase in earnings, which it said was the “highest for any given semester,” to the “all-time high coal selling prices coupled with higher spot electricity sales volume at elevated prices.”
Contributions from the coal segment and SEM-Calaca Power Corp. (SCPC) grew by 364 percent and 299 percent, respectively, while that of Southwest Luzon Power Generation Corp. (SLPGC) went up by 7 percent.
The integrated energy company said bottom line in the second quarter alone surged by 171 percent to P10.8 billion compared to same period last year.
“As expected, we had a weaker performance quarter over quarter because of the China lockdowns but compared to last year, we did very well,” Semirara president and chief operating officer Maria Cristina Gotianun said. First semester earnings stood at P15 billion.
Average coal selling prices posted a 126-percent increment to P5,399 per metric ton, which the listed firm said was the highest for any given quarter. The prices offset the impact of shipments, which declined by 24 percent to 3.7 million MT during the quarter in review.
Shipments to China, its biggest coal market abroad, plunged by 69 percent to about 900,000 MT due to coronavirus lockdowns and the country’s pivot to Russian coal.
Production also decreased by 21 percent to 3.4 million MT due to higher rainfall and strip ratio.
Semirara Mining said its power segment got a boost from average spot selling prices, which remained elevated at P6.91 per kilowatt-hour.