Semirara Profits Up 146% to P3.21 B Due to Power Business

Manila Bulletin, November 28, 2010 | Go to article overview

Semirara Profits Up 146% to P3.21 B Due to Power Business


MANILA, Philippines - Semirara Mining Corporation reported a 146 percent jump in consolidated net income for the first nine months of the year to P3.21 billion from P1.3 billion earned in the same period in 2009. In a disclosure to the Philippine Stock Exchange, the firm said consolidated revenues amounted to P16.9 billion, up 83 percent from last year's P9.24 billion, spurred by the firm's new power business.The coal segment generated revenues of P11.64 billion while the power segment generated P7.79 billion. The forward integration into the power business with the acquisition of the two 300 megawatt plants in Calaca, Batangas last year created more value for the company after consolidating the results of operations of the new business segment.With the importation of additional mining equipment worth $32.25 million, annual excavating capacity of Semirara was further increased to 70 million bank cubic meters this year. At the end of the period, total material movement is already 84 percent of capacity at 58. …

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Semirara Profits Up 146% to P3.21 B Due to Power Business
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