Semirara Mining Q2 profit plunges due to COVID-19

Consunji-led Semirara Mining and Power Corp. reported a 73% decline in its second quarter earnings to P1 billion owing to a slump in demand triggered by the coronavirus pandemic.

This brought its January to June earnings to P2.2 billion, down 61% from the previous year.

The drop in profit was cushioned by the126% jump in energy generation of Sem-Calaca Power Corporation (SCPC) from 595 gigawatt per hour to 1,347 GWh.

SCPC grew its net income by 400% to P726 million while Southwest Luzon Power Generation Corp. registered a 115% decrease in profit to P236 million.

The coal segment remains the major contributor to SMPC, chipping in P1.8 billion in the first half, down 59% year on year on lower sales volume and average selling prices.

SMPC is the only vertically-integrated power producer in the country that mines its own fuel source, allowing it to generate affordable baseload power.

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