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By Louella Desiderio | June 6, 2014 - 12:00am
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MANILA, Philippines — Semirara Mining and Power Corp. (SMPC) delivered slightly higher earnings in the first half, fueled by strong power business that countered weaker results from its coal segment.
Tycoon Isidro Consunji’s integrated energy company saw its net income inch up by two percent to P8.58 billion during the period from P8.42 billion a year ago.
Revenue rose by nine percent to P34 billion from P31.33 billion, as higher coal and electricity selling prices outweighed declines in coal shipments and power sales volumes.
SMPC bounced back in the second quarter, with improved operating performance lifting its first-half earnings despite softer results in the opening three months.
For the second quarter, the company recorded a 17-percent growth in net income to P4.8 billion from P4.1 billion a year earlier.
The power business took the lead, contributing P4.6 billion or 96 percent of total earnings during the quarter.
Power sales sizzled by nine percent to an all-time high of 1,563 gigawatt-hours from 1,435 GWh, thanks to improved plant performance across the company’s portfolio.
Of the electricity sold, 53 percent was traded in the spot market, while the remaining 47 percent was delivered through bilateral contracts.
The overall average selling price surged by 29 percent to P5.81 per kilowatt-hour from P4.51 per kWh, supported by higher spot market prices during the quarter.
By the end of June, 52 percent of SMPC’s 860-megawatt dependable capacity was contracted, with 339.8 MW available for spot market sales after accounting for station service requirements.
The coal segment, however, faced a more challenging quarter, generating only P191 million in earnings as lower output and shipments, coupled with higher fuel costs, offset the recovery in selling prices.
Coal production plunged by 55 percent to 2.5 million metric tons from 5.6 millionMT, while shipments declined by 13 percent to four million MT from 4.6 million MT.
“Operations were affected by stripping activities in the new Narra block and limited production at the Acacia mine,” the company said.
Stronger global coal benchmarks pushed Semirara coal’s average selling price to P2,833 per MT, up by 27 percent from P2,223 per MT.
SMPC is the country’s leading coal producer, accounting for more than 90 percent of domestic output. It also exports coal to China, South Korea, Brunei and other nearby markets.
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