Semirara net income up 23% in 2015

by Riza T. Olchondra – 04:50 AM February 25th, 2016

from Philippine Daily Inquirer
CONSUNJI-LED Semirara Mining and Power Corp. saw its net income increase by 23 percent to P8.45 billion in 2015 despite a two-month suspension of its coal mine.

The corporation’s audited consolidated financial statement for the year ending December 31, 2015 showed energy generation mainly boosted profit.

Coal production and sales reached 7.98 million metric tons (MT) and 8.4 million MT, respectively.

“Despite the two-month suspension of operations due to the Panian mine accident in July, production targets were still met as favorable weather conditions enabled operations to achieve higher operating days in the fourth quarter,” it said.

The average price of coal in 2015 was P1,945 per MT, dropping by 9 percent from P2,127 per MT in 2014 as a result of the continuous softening of coal prices abroad.

On a stand-alone basis, the power segment posted a net income of P3.32 billion in 2015, a 28-percent improvement from the P2.59 billion registered the year earlier.

The firm cited the good performance of subsidiary Sem-Calaca Power Corp.’s 600-megawatt power plant in Batangas, which made a record high gross energy generation of 3,959 gigawatt-hours (GWh). The total gross energy generated was higher by 39 percent from 2,840 GWh in 2014.

With the high output, the power station was still able to register a higher net income despite not having income tax holidays, which expired in 2014, Semirara said.

Total energy sold was 3,754 GWh, 11 percent higher than 2014’s 3,383 Gwh.

Meanwhile, the new 300-MW power plant of another subsidiary, Southwest Luzon Power Generation Corp. (SLPGC), is still on its commissioning stage although contracted energy has already reached 222 GWh. The new plant was able to contribute P86 million to the bottom line, Semirara said.