Consunji-led Semirara Mining and Power Corporation (SMPC) posted a record net income of P25.8 billion in the first six months of 2022.
In a disclosure to the Philippine Stock Exchange on Wednesday, SMPC reported that its first half bottom line was 311% higher than the P6.3-billion net income posted in the same period last year.
In the second quarter alone, the company saw a 171% growth in its earnings to P10.8 billion from P4 billion year-on-year.
SMPC attributed the growth to “all-time high coal selling prices coupled with higher spot electricity sales volume at elevated prices.”
In the second quarter, contributions from the coal segment grew by 195% from P3 billion to P9 billion while SEM-Calaca Power Corporation (SCPC) accounted for P1 billion, up 81% from P581 million, according to SMPC.
Southwest Luzon Power Generation Corporation (SLPGC) contributed P742 million, a 107% increase from P359 million, it said. — Ted Cordero/RSJ, GMA News
Semirara Mining and Power nets P25.8B in H1, up 311%
Source: News Panda Philippines
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