Semirara income slips to P8.25 Billion

MANILA, Philippines — Power plant shutdowns continued to weigh down profits of Semirara Mining and Power Corp. (SMPC).

In a filing with the Philippine Stock Exchange yesterday, SMPC said its consolidated net income declined by five percent to P8.25 billion in the nine months to September.

However, on a quarter-on-quarter basis, the company reported a 278 percent surge in earnings to P2.58 billion.

SMPC said its coal segment and Southwest Luzon Power Generation Corp. (SLPGC), which runs the 2x150-MW coal power facility in Calaca, Batangas, were the main earnings contributor for the period.

The coal business registered better production and sales, while SLPGC had higher energy generation and power revenues.

Coal and SLPGC contributed P6 billion and P2.51 billion, respectively, for the nine-month period.

Coal production and volume sold increased by 35 percent and 45 percent to 12 million metric tons (MT) and 12.1 million MT, respectively.

“Current third quarter weather condition is better than same quarter last year. Coal revenue managed a 13 percent increase despite the 22 percent drop in coal average selling price per MT,” SMPC said.

Meanwhile, SLPGC’s two units posted a 102 percent jump in energy generation year-on-year as two units were already running with higher average load.

This drove power revenues to rise 64 percent amid higher composite energy average selling price per kilowatt-hour and higher volume of energy sold. 

SemCalaca Power Corp. (SCPC), on the other hand,  made no significant contribution during the period since its power Unit 2 ran at derated capacity and power Unit 1 only achieved commercial operation status last Oct. 17 after completion of the unit’s life extension program.

SCPC owns the 2x300-MW Calaca coal-fired power plant in Batangas which it acquired from the government in 2009 with its bid of $362 million.

SMPC is the only vertically-integrated power producer in the country that mines its own fuel source, allowing it to generate affordable baseload power.