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MANILA, Philippines – Semirara Mining & Power Corporation (PSE:SCC) reports its financial results for the first nine months of 2016 with a revenue increase by 34 percent from P19.3 billion to P25.8 billion against last year’s record.
The third quarter results showed that the mining and power company reports higher coal revenues from P2.4 billion to P4.4 billion against last year of the same period, which is an increase by 83 percent. On the other hand, its power returns increased by 53 percent from P3.2 billion to P4.8 billion comparing to last year’s record during the end of third quarter.
The earnings before interest, taxes, depreciation, and amortization (EBITDA) of Semirara for nine months exhibited a variance of 101 percent based on the year-on-year comparison. Last year, there is an EBITDA record of P6.2 billion, whereas this year’s registration is valued at P12.5 billion.
The nine-month period showed a decline in cost of sales by 38 percent from P1.2 billion to P760 million. Alternatively, its single channel per carrier (SCPC) segment had lower revenues by 26 percent from P10.4 billion to P7.6 billion. Moreover, its Southwest Luzon Power Generation Corp. (SLGPC) recorded a boost in revenue from P273 million to P4.8 billion.
The steady performance of Semirara is highly contributed by the SLGPC, which became operational this year. In 2016, the lower tax provision was recorded due to lower SCPC taxable income.
According to the consolidated record of the company’s assets, liabilities, and equity, there is an increase of nine percent in its assets. Its liabilities grew by two percent, whereas its equity climbed by 18 percent.
The excavation capacity of the company increased, which also resulted to 30 percent more materials moved. Coal production also increased by 27 percent with the inclusion of 564,000 tons of washable and waste coal this year.
Semirara had forecasted that its earnings my hit P10 billion by year-end last May 2016 due to the full commercial operations of 300-MW Calaca coal-fired power plant expansion.