Semirara Mining and Power Corp. registered a 279-percent surge in second-quarter consolidated net income of P3.98 billion from P1.05 billion year-on-year due mainly to record-high coal sales and prices.
The coal operations accounted for P3.04 billion of the profit, up 504 percent from P503 million on year. Contributions from power unit Southwest Luzon Power Generation Corp. jumped 730 percent from a net loss of P57 million to P359 million. SEM-Calaca Power Corp. recorded a 3-percent dip in earnings contribution from P602 million to P581 million.
SMPC’s consolidated net income stood at P6.28 billion in the first six months, up 181 percent from P2.24 billion and nearly double its 2020 full-year net income of P3.26 billion.
“We had a very good second quarter because of favorable market conditions. Sustaining our performance will be a challenge given the onset of the rainy season and our plant outages but we are determined to optimize our performance,” said SMPC president and chief operating officer Maria Cristina C. Gotianun.