Semirara Mining and Power Corporation (SMPC) has registered a net income of Php10.2 billion in the first quarter of 2022, a 153% jump from the Php 4 billion recorded in the same period last year.
This brings the company’s consolidated net income to Php 36 billion nine months into the year, SMPC said in a disclosure to the Philippine Stock Exchange.
The mining company said that the increase was mainly attributed to elevated market prices, all-time high coal production, and higher spot electricity sales volume.
“Historically, the third quarter is our slowest because of the rainy season and sluggish demand. But because of improved market prices, we did much better than expected,” SMPC president and COO Maria Gotianun said in a statement.
SMPC’s coal production in the past nine months grew by as much as 27% to 13.7 million metric tons (MMT) from last year’s 10.8 MMT due to controlled water seepage levels in its Molave mine and better coal access in its East Block 4 and South Block 5.
Its power arm, meanwhile, posted a 216% increase in its spot market sales to 1,546-gigawatt hours from 489 GWh last year.