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Monday, November 20, 2017

SMPC net income up 21% to P11.55 B

First 9 months

Published

By Myrna M. Velasco

It was generally an upbeat business year for Consunji-led Semirara Mining and Power Corporation (SMPC) with its net income after tax (NIAT) climbing 21 percent to P11.55 billion from January to September this year from a leaner P9.56 billion in the same period in 2016.

The company noted that its power generating assets – chiefly Sem-Calaca Power Corporation (SCPC) and Southwest Luzon Power Generation Corporation (SLPGC) brought in substantial income contribution of P5.57 billion, already net of some items’ eliminations.

The Sem-Calaca power plant logged earnings of P3.34 billion; while SLPGC had yielded P2.67 billion during this financial review period.

In terms of revenues, SMPC registered 24-percent hike to P31.93 billion from the year-ago level of P25.73 billion.

It emphasized that the power segment put in P14.91 billion in total revenues, prior to eliminations. Essentially, the company noted that the first nine month’s performance had been 20-percent higher from P12.29 billion in 2016.

“Energy generation of SCPC increased by 26% year-on-year to 2,503 gigawatt hours (GWh) from 1,983 GWh last year,” the company stressed.

It cited that such had been in spite of the fact that the plant’s unit 1 “was on maintenance shutdown the whole of first quarter and only came back online in mid-April this year.” By far, the Consunji firm indicated that the facility’s generation level which is being fed with Semirara coal, improved to 270 megawatts from previously at 250MW.

On the whole, its power generation activity posted 25-percent rise to 3,883 GWh from year ago at 3,103 GWh; while sales volume had also been up 9.0-percent to 3,814 GWh from 3,506 GWh in the same period in 2016.

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