Semirara Mining and Power Corp. (SMPC) booked a 181 percent increase in net income in the first half of 2021 to P6.28 billion from P2.24 billion in the same period in 2020 on record coal sales and prices in the second quarter.
Coal sales from April to June jumped by 96 percent year-on-year from 2.5 million metric tons (MT) to 4.9 million MT, the highest quarterly sales volume ever recorded by SMPC. In the same period, average selling price of coal from Semirara also went up by 49 percent from P1,601 per ton to P2,393 per ton as Newcastle coal prices peaked at $136 in June, the highest in more than a decade.
In the second quarter 2021, total electricity sales also increased by 11 percent to 987 gigawatt hours (GWh) from second quarter 2020’s 892 GWh driven by the 96-percent improvement in the generation of SMPC’s Southwest Luzon Power Generation Corp. coal-fired power plant. Selling price of electricity also moved up by P4.11 per kilowatt hour (kWh) for second quarter 2021 from P2.87 per kWh during second quarter 2020 due to improved spot market price.
