SEMIRARA NETS P3B IN 9 MONTHS
Integrated energy company Semirara Mining and Power Corporation (SMPC) reported P3.0 billion consolidated net income after tax (NIAT) for the 9-month period from P8.2 billion, a 64% decline year-on-year.
The Q3 2020 results registered a NIAT of P0.75 billion from P2.58 billion in 2019, 71% down quarter on quarter.
Coal segment in Q3 2020 was affected by further decline in coal export prices and lower coal volume sold. Q3 2020 coal sold is 2.7 million MT, 8% improvement quarter over quarter from 2.5 million MT in Q2 2020, with composite average price of P1,594/MT.
For the 9-month period, coal sales stood at 8.4M MT from 12.1M MT or 30% drop year-on year. Effective composite average coal price is also down by 20% year-on-year from P2,133/MT in 2019 to P1,712/MT this period.
Coal production is not significantly affected by the COVID-19 pandemic as it posted 10.9M MT from 12.0M MT produced during same period last year with 9% drop year-on-year.
In the power segment, the 2x150 MW under Southwest Luzon Power Generation Corporation (SLPGC) was able to book additional contracted capacity of 150MW bringing its contracted capacity to 221 MW. Net energy generation in Q3 2020 has improved 81% from Q2 2020 at 389GWh from 215GWh.
On a quarter on quarter basis, it is 29% lower than Q3 2019 of 550Gwh due to unplanned outage incurred in Q3 2020 by both Units 3 and 4. Year-on-year, net energy generation dropped 35% at 864GWh from 1,339GWh in 2019. Unit 4 planned outage was affected by ECQ in Q2 2020 and the unplanned outages incurred by both units.
Total energy sold is down by 23% year on year, at 1,045GWh from 1,357GWh in 2019. Composite average price is at P2.79/kwh in 2020 from P4.15/kwh in same period last year.