Semirara Mining and Power Corp. said Thursday net income after tax climbed 24 percent in the first quarter to P2.51 billion from P2.02 billion in the same period last year.
Semirara Mining said in a disclosure to the stock exchange that net of eliminations, coal and power contributed P657.01 million and P1.86 billion, respectively. “Both coal and Sem-Calaca Power Corp. were operating smoothly in the current period,” the company said.
Coal production recorded a one-percent decrease year-on-year to 2.33 million metric tons from 2.35 million MT a year ago.
Power generation arm Sem-Calaca Power’s power sales more than doubled to 1,014 gigawatt-hours from 489 GWh last year. “This resulted from higher availability at 84 percent from 48 percent, and average capacity improvement by 14 percent or 560MW compared to same period last year,” it said.
Semirara Mining said the volume of energy sold increased 131 percent to 982 GWh from 425 GWh in same period last year.