Integrated energy firm Semirara Mining and Power Corporation’s (SMPC) net income soared by 311 percent to P25.8 billion in the first half of the year amid all-time-high coal selling prices and higher spot electricity sales volume at elevated prices.
In a disclosure to the stock exchange on Wednesday, the company said the 171-percent increase to P10.8 billion in its bottom line in the second quarter contributed to the upsurge.
However, despite the positive overall performance in its net income, the company noted that it had a weaker performance quarter on quarter due to tempered demands because of the China lockdown.
The total coal shipments from April to June dropped by 24 percent from 4.9 million metric tons (MMT) to 3.7 MMT as China imposed virus lockdowns and shifted to Russian coal.
Export sales, meanwhile, plunged by 44 percent from 3.2 MMT to 1.8 MMT while domestic sales grew by 12 percent from 1.7 MMT to 1.9 MMT.
On the other hand, the overall gross generation in the second quarter was mostly flat at 984 GWh as SCPC Unit 2 remained on forced outage because of a defective generator stator.
Total electricity sales declined by 9 percent from 987 GWh to 900 GWh, most of which (56 percent) was sold to the spot market. The rest (393 GWh) was sold through bilateral contracts.