Consunji-led Semirara Mining and Power Corp. said its first semester net income soared by 311 percent to a record P25.8 billion, propelled by high coal prices alongside strong sales. | jordeenelagare /PDI
“As expected, we had a weaker performance quarter over quarter because of the China lockdowns but compared to last year, we did very well,” Semirara president and chief operating officer Maria Cristina Gotianun said. First semester earnings stood at P15 billion.
Average coal selling prices posted a 126-percent increment to P5,399 per metric ton, which the listed firm said was the highest for any given quarter. The prices offset the impact of shipments, which declined by 24 percent to 3.7 million MT during the quarter in review. Shipments to China, its biggest coal market abroad, plunged by 69 percent to about 900,000 MT due to coronavirus lockdowns and the country’s pivot to Russian coal.Semirara Mining said its power segment got a boost from average spot selling prices, which remained elevated at P6.91 per kilowatt-hour.
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