Semirara says profit declined 9 pct in 2014

ABS-CBN News

Posted at Mar 09 2015 05:13 PM | Updated as of Mar 10 2015 01:13 AM

MANILA, Philippines - Semirara Mining and Power Corporation (SCC) said its consolidated net income fell 9 percent in 2014 to P6.85 billion, from P7.53 billion in 2013.

Semirara, owned by the family of David Consunji who was recently included in Forbes' Billionaires list, said its coal segment contributed P3.64 billion to the bottom line, while power contributed P3.22 billion.

Its coal business alone posted a 45 percent increase in net income to P7.76 billion in 2014. The coal segment posted record high production and coal sales at 8 million MT and 8.9 million MT, respectively.

The company attributed the increase in production due to more operating days in 2014, despite a 3 percent decline in the average price to P2,127 per MT.

However, this was not enough to offset the decline in profits in its power business.

Semirara said its power segment posted a net income of P2.59 billion in 2014, a 45 percent drop from its P4.71 billion net income in 2013.

Energy sales fell 2 percent to 3,383 Gwh, as Unit 2 of its power plant in Calaca, Batangas registered a lower availability of 50 percent in 2014 due to a shutdown in the first half.

The company also reported its income was affected by a 15 percent drop in average price at P3.64/kwh compared to P4.26/kwh in 2013, as well as higher costs of energy sold.