Author Topic: What do you think about Semirara Mining (SCC)?  (Read 395 times)

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What do you think about Semirara Mining (SCC)?
« on: May 31, 2012, 12:51:53 PM »
What do you think about Semirara Mining (SCC)?


Semirara earnings seen to rise 17%

SEMIRARA MINING Corp., a coal producer and power plant operator, expects profits to grow by as much as 17% to P7 billion this year as a foreseen increase in electricity sales should offset flat coal prices, an official told reporters yesterday.


“Our profit target is around P6.8 billion to P7 billion including the power unit already,” said Semirara Mining Chief Executive Isidro A. Consunji in an interview with reporters after the firm’s stockholders’ meeting.

“For revenues, we see about P11 billion for power alone and coal is about P18 billion so... we see around P28 billion to P29 billion in revenues for the year,” he said.

This will compare against the P6 billion net income the company posted in 2011 after revenues jumped by 12.7% to P25.8 billion.

Mr. Consunji said the increase for 2012 is expected to come from the higher demand for power, particularly as cement plants are reportedly keen to contract electricity from their facilities.

Coal revenues, on the other hand, are seen to be flat.

Semirara runs the 600-megawatt (MW) Calaca coal-fired power plant in Batangas through its subsidiary SEM-Calaca Power Corp. The plant consists of two 300-MW units and is fueled by coal sourced from Semirara and imported abroad.

Unit 1 of the power plant has been running at a de-rated capacity of 220 MW and is expected to reach 270 MW to 300 MW after rehabilitation work, which start last year, is completed.

“By this time next month we will be commissioning the first unit for testing and the second unit will not be far. We have a schedule of 30 to 36 months but we think we can finish it in 30 months,” said Mr. Consunji.

He added the firm is also in talks with Manila Electric Co., Ayala Corp. and Marubeni Corp. for further plant expansions.

Shares of Semirara closed at P251.80, down 0.47% yesterday. -- E. N. J. David

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What do you think about Semirara Mining (SCC)?
« on: May 31, 2012, 12:51:53 PM »

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