Semirara posted 93% growth in Q1 income

By Alena Mae S. Flores – May 05, 2021 at 07:10 pm
from manilastandard.net

Semirara Mining and Power Corp. on Wednesday reported a 93-percent increase in net income to P2.3 billion from P1.2 billion a year ago.
SMPC said in a disclosure to the stock exchange consolidated revenues rose 27 percent to P9.3 billion in the first three from P7.3 billion in the same period last year.

Coal operations recorded a 16-percent year-on-year upturn in standalone first-quarter revenues to P7.1 billion from P6.1 billion owing to the combined effects of higher sales volume which grew by 21 percent to 3.9 million metric tons from 3.2 MMT driven by export sales.

Exports expanded by 31 percent to 2.1 MMT from 1.6 MMT last year while domestic sales increased by 11% to 1.8 MMT from 1.6 MMT. The average selling price dipped by 4 percent to P1,829 per MT from P1,900 last year.

Total production climbed by 42 percent to 4.5 MMT from 3.2 MMT, as reduced water seepages in Molave North Block 7 allowed higher production in three other active mining blocks, which had significantly lower strip ratios.