Semirara Mining and Power Corp. on Tuesday reported a 26-percent decline in net income to P6 billion from P8.1 billion in the same period last year following the shutdown of one unit of its 600-megawatt coal-fired power plant.
“The Unit 1 of the 2×300 MW was offline for the whole period because of the life-extension project,” SMPC said in a disclosure to the stock exchange.
Semirara said earnings in the second quarter reached P3.67 billion, or almost unchanged from P3.65 billion in the same period last year.
The company said higher volume sold by the coal segment and higher prices at the Wholesale Electricity Spot Market mitigated the drop in earnings in the first half.
Net of eliminations, its coal business and Southwest Luzon Power Generation Corp. contributed P4.64 billion and P1.62 billion, respectively. SCPC suffered losses of P242 million.