Semirara posted 80% profit increase in H1

The Consunji-led Semirara Mining Corp. posted an 80-percent increase in its first-semester net income to P4.58 billion from P2.55 billion a year ago.

This was attributed to the robust sale of coal and higher prices during the period.

In a filing with the Philippine Stock Exchange, Semirara reported that revenues for the first semester rose 23 percent to P15.97 billion from P13.01 billion in the same period last year. Of the total, coal accounted for the bulk at P10.69 billion while power sales stood at P5.28 billion.

“High coal sales of 4.16 million metric tons underscored strong demand for Semirara coal. Export demand recovered from a slight slump in the first quarter as previous year’s inventory levels were used up. Domestic demand remained steady during the period,” Semirara said.

In the meantime, the company’s power segment registered a 1-percent drop in total energy sales to 1,127 gigawatt-hours at an average price of P4.68 per kilowatt-hour in the first six months. Sales in the same period last year reached 1,133 gWh. The decline was due to the lower volume sold in the first quarter when a unit of the 600-megawatt coal facility underwent fine-tuning.—Amy R. Remo