Semirara Mining profit jumps 35% in 6 months

MANILA, Philippines - Consunji-led Semirara Mining and Power Corp. reported a 35-percent jump in net profit in the first half of the year on the back of better coal sales and increased contributions from its new power plant.

In a statement, Semirara said net earnings surged to P6.36 billion from P4.71 billion.

Its coal business contributed P2.8 billion while its power segment composed of Sem-Calaca Power Corp. and Southwest Luzon Power Generation Corp. contributed P1.31 billion and P2.26 billion, respectively.

Coal production increased 14 percent to 5.9 million metric tons (MT), which included unwashed coal. This resulted in higher coal sales volume amounting to 6.6 million MTs, up 55 percent year on year.

Meanwhile, Semirara’s energy generation decreased by 44 percent 1,212 gigawatts per hour, pulling down the total energy sold by 33 percent to 1,390 GWh.