Sunday 24 March
Semirara Mining profit down on lower coal sales, plant shutdowns Mar 1, 2019 @ 18:04

Semirara Mining profit down on lower coal sales, plant shutdowns

 

Integrated energy company Semirara Mining and Power Corp. reported a 15 percent drop in consolidated net income to P12 billion, weighed down by lower production of coal and maintenance shutdown of some plants.

Coal output slowed by 2 percent to 12.9 million metric tons (MT) due to continuous heavy rains in July and August. As a result, coal sales declined by 12 percent to 11.6 million MT.

Coal exports fell 22 percent due to lower production.

SEM-Calaca Power Corp.’s gross generation went down seven percent to 3,282 GWH due to the shutdown of unit 1 as a result of a crack in the rotor. Its core profit fell 47 percent to P1.2 billion.

It is the only vertically-integrated power producer in the country that mines its own fuel source, allowing it to generate affordable baseload power.

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