Semirara 1Q profit up 552%

Semirara Mining and Power Corporation (SMPC) reported its highest quarterly net income ever at Php15 billion for the first quarter of 2022, a 552% upsurge from the Php2.3 billion posted last year, calling it an “unexpectedly strong performance.”

In a statement on Friday, the Consunji-led firm also said Its first-quarter bottom line already accounts for 93% of its 2021 bottom line of Php16.2 billion.

The company said its performance was due to record-high coal production and shipment amid soaring global coal prices, coupled with higher spot electricity sales at elevated prices.

“We had a record-setting first quarter because of strong operating results and stronger-than-expected market conditions,” explained SMPC President and COO 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 added.

Contributions from the company’s coal segment grew by 678% to P13 billion from P1.7 billion while Sem-Calaca Power Corporation contributed Php1.7 billion, up 33,980% from Php5 million previously. Southwest Luzon Power Generation Corporation, meanwhile, contributed Php307 million — a 50% reduction from P620 million year-on-year.