Semirara 1st-half net falls by 20.6%

Semirara Mining Corp., the country’s biggest coal producer, posted a 20.6-percent drop in income to P3.63 billion in the first half of 2012 from P4.58 billion a year ago. This was due to the decline in its coal and power revenues.

In a filing with the Philippine Stock Exchange, Semirara Mining said its consolidated revenue fell by 17 percent to P13.33 billion in the first six months of the year as against the P15.97 billion recorded a year ago.

Revenue from the coal business fell by 12 percent to P9.42 billion due to 10 percent decline in the volume of coal sold to 3.73 million metric tons  and lower composite average price of coal per metric ton.

According to Semirara, the 18-percent decline in the sales volume to 2.06 million MT in the second quarter ate up the 2-percent gain in the first quarter.

Energy revenue fell by 26 percent to P3.91 billion in the first semester from P5.28 billion a year ago.

The period also saw the lowering of the average price of power to P4.28 per kWh from P4.69 per kWh last year.

Semirara Mining explained that the power it produced came from the 300-MW Unit 2 of its Calaca coal-fired power facility in Batangas. Unit 1 was down in the first half for rehabilitation.

The company generated 951 gigawatts of power during the first six months, of which 913 gigawatts were sold while 38 gigawatts were used for the station.