Semirara Mining and Power Corp. posted a net income of P15 billion in the first quarter, a 552-percent jump from P2.3 billion year-on-year. Semirara‘s first-quarter bottom line already accounts for 93 percent of the total income of P16.2 billion in 2021.
“We had a record-setting first quarter because of strong operating results and stronger-than-expected market conditions,” said Semirara president and chief oper Maria Cristina Gotianun.
“However, we do not see this turning into a trend because of market volatility and unfavorable weather conditions, particularly in the second half of 2022,” she said.
The company attributed the unexpected strong performance during the first three months to record-high coal production and shipment amid soaring global coal prices, coupled with higher spot electricity sales at elevated prices.