By Juzel L. Danganan
MANILA, May 14 (PNA) — Semirara Mining and Power Corp.’ net income rose to Php 2.5 billion in the s first quarter this year, 24 percent from Php 2.02 billion last year.
”Accordingly, consolidated Q1 Net Income After Tax (NIAT) increased 24 percent year-on-year at PhP 2.51 billion from PhP 2.02 billion last year,” Semirara said in a disclosure with the Philippine Stock Exchange (PSE) Thursday.
Semirara noted its power assets contributed Php 1.86 billion to the earnings, while its coal business contributed Php 657.01 million.
Its total revenues for coal amounted to Php 961.52 million, while its power subsidiary gained Php 1.58 billion.
Semirara said both the segments had operated smoothly during the current period.
It reported its coal sales improved by 4 percent from Php 2.31 million last year to Php 2.4 million this year, while its energy sales from Sem-Calaca Power Corp. (SCPC) grew 131 percent from 425 Gigawatthours (GWh) to 982 GWh.
It added its coal production decreased by 1 percent from 2.35 million metric tons (MTs) last year to 2.33 million MTs this year, but its generated power had soared by 107 percent from 489 GWh to 1,014 GWh.
Semirara said the increase resulted in higher capacity availability from 48 percent to 84 percent.
Southwest Luzon Power Generation Corp. (SLPGC), another Semirara power subsidiary, is expected to bring a capacity of 150 megawatts (MW) to the Luzon grid this year. It will likely further increase revenues, if its operations are sustained.
Last year, Semirara suffered a loss of Php 2.1 billion due to replacement power purchases brought by the prolonged maintenance works on SCPC’s 150-MW second unit.
It has seven wholly-owned subsidiaries namely, SEM-Calaca Power Corporation, SEM-Cal Industrial Park Developers Inc., Southwest Luzon Power Generation Corporation, Semirara Claystone Inc., Semirara Energy Utilities Inc., SEM-Balayan Power Generation Corporation, and St. Raphael Power Generation Corporation.
Semirara is a majority-owned subsidiary of DMCI Holdings, Inc. (PNA)