Semirara Mining and Power Corp. on Friday reported a consolidated net income after tax of P4.57 billion in the first quarter of 2018, three percent higher than P4.42 billion in the same period last year.
Semirara disclosed to the Philippine Stock Exchange a strong coal segment results offset the drop in the power generation business during the first three months.
The company said that net of eliminations, the coal business, SEM-Calaca Power Corp. and Southwest Luzon Power Generation Corp. contributed P3.58 billion, P589 million and P407 million, respectively during the first quarter.
Semirara said coal production from the Antique mining operations reached 4.1 million tons, three percent higher on year.
“Local demand surged 27 percent on the back of higher requirements from its domestic customers. But with lower export sales, total coal sales for the quarter decreased by five percent to 3.4 million tons from 3.6 million tons in the same period last year,” the firm said.