Semirara Mining and Power Corp. said Tuesday consolidated net income surged 181 percent in the first half to P6.28 billion from P2.24 billion a year ago, and nearly doubled its 2020 full-year net income of P3.26 billion.
SMPC, controlled by the Consunji Group, reported a 279-percent upturn in second-quarter consolidated net income to P3.98 billion from P1.05 billion a year earlier on record-high coal sales and prices.
“We had a very good second quarter because of favorable market conditions. Sustaining our performance will be a challenge given the onset of the rainy season and our plant outages but we are determined to optimize our performance,” said SMPC president and chief operating officer Maria Cristina Gotianun in a statement.
SMPC’s coal segment accounted for P3.04 billion, or 504 percent higher than P503 million last year. Contributions from power subsidiary Southwest Luzon Power Generation Corp. grew by 730 percent to P359 million from a net loss of P57 million.