Semirara Mining Corporation expects its profits to surge 20% to 40% this year to PHP 4.8 billion to PHP 5.6 billion as it continues to benefit from the improving capacity of its power plants.

In an interview after the firm’s annual stockholders’ meeting, Semirara president Mr Isidro Consunji said this year’s profit growth rate will depend on how well the rehabilitation of the coal plants progress.

He said “If we do well with the rehabilitation, profits can hit PHP 5.6 billion. If not, it will be PHP 4.8 billion as power is the main variable. Mining is already predictable.”

Mr Consunji noted that the firm’s coal mining capacity is already running flat out at the maximum rate of their shipping and mining equipment with Semirara producing 7.3 million tonnes last year beyond the rated capacity of 6 million tonnes.

(Sourced fro mb.com.ph)