9. Former name or former address, if changed since last report
-
10. Securities registered pursuant to Sections 8 and 12 of the SRC or Sections 4 and 8 of the RSA
Title of Each Class
Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding
Common
4,250,547,620
11. Indicate the item numbers reported herein
9
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Semirara Mining and Power CorporationSCC
PSE Disclosure Form 4-31 - Press Release References: SRC Rule 17 (SEC Form 17-C) Section 4.4 of the Revised Disclosure Rules
Subject of the Disclosure
SMPC nets P10.8B in Q2, up 171%; H1 earnings surge to record high
Background/Description of the Disclosure
PRESS RELEASE
SMPC nets P10.8B in Q2, up 171%; H1 earnings surge to record high
Integrated energy company Semirara Mining and Power Corporation (SMPC) posted P10.8 billion in second-quarter net income, 171 percent better than the P4 billion reported last year.
All-time high coal selling prices coupled with higher spot electricity sales volume at elevated prices accounted for the upsurge.
From January to June, SMPC’s bottom line more than quadrupled (311%) from P6.3 billion to P25.8 billion, its highest for any given semester.
“As expected, we had a weaker performance quarter over quarter because of the China lockdowns but compared to last year, we did very well,” said SMPC president and COO Maria Cristina C. Gotianun.
“We maintain our view that the second semester will be anemic because of market volatility and unfavorable weather conditions,” she added.
For the second quarter alone, contributions from the coal segment grew by 195 percent from P3 billion to P9 billion while SEM-Calaca Power Corporation (SCPC) accounted for P1 billion, up 81 percent from P581 million. Southwest Luzon Power Generation Corporation (SLPGC) contributed P742 million, a 107-percent increase from P359 million.
Coal Operating Results Total shipments from April to June dropped by 24 percent from 4.9 million metric tons (MMT) to 3.7 MMT as China imposed COVID-19 lockdowns and shifted to Russian coal.
Export sales plunged by 44 percent from 3.2 MMT to 1.8 MMT while domestic sales grew by 12 percent from 1.7 MMT to 1.9 MMT.
Buffering the impact of lower shipments was the 126-percent increase in average selling prices from P2,393 to P5,399, the highest for any given quarter.
Heavy rainfall and higher stripping activities curbed coal production, dropping 21 percent from 4.3 MMT to 3.4 MMT. This, together with lower sales volume, raised high-grade coal inventory by 50 percent from 1.0 MMT to 1.5 MMT.
Power Operating Results Overall gross generation in the second quarter was mostly flat at 984 GWh as SCPC Unit 2 remained on forced outage because of a defective generator stator.
Total electricity sales declined by 9 percent from 987 GWh to 900 GWh, most (56%) of which was sold to the spot market. The rest (393 GWh) was sold through bilateral contracts.
High uncontracted capacity allowed SMPC to boost spot electricity sales by 188 percent from 176 gigawatt-hour (GWh) to 507 GWh. Average spot selling prices remained elevated at P6.91 versus P6.87 last year.
Total spot purchases declined by 60% from P617 million to P245 million on higher plant availability, which improved by 8 percent from 60% to 65%.
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Other Relevant Information
In accordance with SEC Notice issued on March 17, 2020, attached herewith is SEC Form 17-C for your immediate reference.
Semirara Mining and Power CorporationSCC