March 06, 2014

SCC posts 19% hike in 2013 net income, approves 200% stock dividend

Semirara Mining Corporation reported 2013 consolidated net income of P7.54b, up 18.9% YoY. This 6.5% ahead of consensus full-year forecast of P7.08b. Earnings of its coal mining operations increased 1.8% YoY on higher volume sold and lower cost of sales but offset by 11% drop in average coal price.

Earnings from the power segment rose by 84.8% YoY as a result of higher volume sales, higher average electricity prices, and the full-year impact of the rehabilitation of Unit 1 plant in 3Q12.

SCC’s board also approved declaration of stock dividend of two common shares for every one common shares. It has yet to set the record and payment dates for the dividend. It has also approved the change in its corporate name to Semirara Mining and Power Corp. – WealthSec