Semirara Mining and Power Corp. stated on Tuesday that earnings in the first quarter rose by 16%. This was made possible despite lower revenues from its power generation subsidiary. In disclosures to the PSE, the company reported that its consolidated net income stood at P2.91 billion, compared to the P2.51 billion of the previous year.
SMPC had this to say: “Unit 2 shutdown during the quarter pulled down sales volume. Impact in drop in revenues is slightly cushioned by increase in composite average price/kwh. Lower generation resulted to almost zero spot sales in the current quarter.” They also remarked that Manila Electric Company remains the company’s biggest customer.
