Semirara Mining Corporation of the Consunji family reported 147% surge in its consolidated net income after tax to PHP 3.21 billion as of end September due to record sales of coal in both the local and international markets.

In a filing with the Philippine Stock Exchange, Semirara said that its consolidated revenue in the first Q3 also jumped by 83% to P16.9 billion of which P9.46 billion came from its coal segment while P7.43 billion was contributed by its power segment.

Net coal production in the first three quarters of the year rose by 60 percent to 5.09 million tonnes as of end-September from a year ago level of 3.17 million tonnes due to the importation of additional mining equipment which in turn increased the company’s annual excavating capacity.

According to Semirara, strong global coal demand enabled the company to sell all its coal stock. Sales reached a record high of 5.09 million MT since the company breached export markets in 2007. Ending coal inventory closed at 702,087 tonnes.

The company said that indicating the continued success of the company’s marketing efforts to introduce Semirara coal to the global market, export sales accounted for the largest market share at 52 percent, with total volume sold of 2.65 million tonnes in the first 9 months up by 66% from last year’s 1.6 million tonnes.

Local sales also registered 37% hike to 2.44 million tonnes up from year ago level of 1.78 million tonnes. Market share of domestic buyers likewise inched up to 48% compared with the 37% recorded last year.

Meanwhile, Semirara noted that the forward integration into the power business with the acquisition of the 600 MW coal fired power facilities in Calaca, Batangas in 2009, created more value for the company. This coal plant was previously owned by the government through the National Power Corp.

(Sourced from business.inquirer.net)