Semirara profit up 6% despite lower coal prices

Mar 13, 2013 5:12 PM PHT

Rappler.com

SUMMARY

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Semirara's coal business contributed P3.81-B of the net income, the rest came from its power generation arm

Semirara Mining reports higher earnings for 2012. Screenshot of company website

MANILA, Philippines – Semirara Mining Corp. posted a net income of P6.36 billion in 2012, up 6% from P6 billion in 2011.

The Consunji-controlled firm generates most of its revenues from its Panian coal mine in Caluya, Antique. A landslide hit the mine last month, killing 5 workers.

Semirara said its coal business contributed P3.81 billion of the net income, while its power segment turned in the remaining P2.55 billion.

The company’s power earnings represented a 37% annual growth. This was on account of a 32% hike in energy generation to 2,463 gigawatt hours (GWh) from 1,860 GWh in 2011.

“The power segment was also able to take advantage of the higher spot prices towards the end of the year further augmenting the power segment’s financial bottom line,” Semirara said.

Coal earnings however dropped 7% due to lower coal prices. – Rappler.com