August 12, 2013

Semirara Mining suffers slight drop in profit

Semirara Mining Corp. posted a slight drop in consolidated net income to P3.58 B in the first half from P3.63 B in the same period last year.

The 1% decline mainly came from the coal segment whose net earnings dropped by 63%, before elimination, due to 10% decline in volume sold and 23-percent decline in average coal price year-on-year.

The coal segment reported a 20-% decrease in production during the period as a result of the temporary suspension of coal mining operations after the Panian West wall incident in first quarter this year. The drop in coal earnings was, however, offset by the 170-percent hike in earnings from power.

The net contribution to the bottom line by the coal segment and the power segment are P425.84 M and P3.16 B, respectively. - WealthSec