Semirara earnings down in first half of 2023

MANILA -- Semirara Mining and Power Corporation saw its earnings dip 26 percent in the first half of 2023 due to corrections in global coal index prices and the impact of high base effects.

In a disclosure to the Philippine Stock Exchange, Semirara said earnings from January to June went down to P19.2 billion from P25.8 billion in the same period in 2022.

The miner's net income in the second quarter went down 5 percent to P10.2 billion, from P10.8 billion in the first half of 2022.

Semirara noted, however, that their net income grew 13 percent quarter-on-quarter on the back of higher coal shipments, improved plant availability and increased electricity sales at higher prices.

President and chief operating officer Maria Christina Gotianun said Chinese demand recovery spurred quarter-on-quarter growth.

Total shipments increased by 22 percent from 3.7 million metric tons (MMT) to 4.5 MMT on higher deliveries to China and South Korea.

Power plant availability from April to June surged by 25 percent from 64 percent to 80 percent.

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