Semirara net income up 2.4%

Coal producer Semirara Mining Corp. posted a 2.4-percent increase in its net consolidated income after tax to P1.73 billion in the first quarter of 2012, from P1.69 billion a year ago.

In a disclosure to the Philippine Stock Exchange, Semirara Mining said its board of directors approved the company’s unaudited financial statements, which showed consolidated earnings per share of P4.86, a 3-percent improvement from P4.73 in the first quarter of 2011.

According to Semirara, the profit growth in the first quarter was driven mainly by the strong performance of its power segment, given higher energy generation and contracted energy under bilateral contracts.

The earnings of the coal segment were, however, flat as the average price of the commodity dipped during the quarter. This was despite a 2-percent increase in the volume of coal sold during the period.