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SEMIRARA
Mining Corp., a majority-owned unit of DMCI Holdings
Inc., said its net profit rose to P633.3 million last
year, up 5.3 percent from P601.2 million a year earlier.
The rise
came on the back of the 38.3 percent growth in sales to
P6.5 billion from P4.7 billion in the same comparable
period.
Semirara,
whose shares are traded on the Philippine Stock
Exchange, said robust market demand translated to higher
coal revenues that registered a historic P6.38 billion
from P4.59 billion.
Coal
handling activities in Calaca generated another P90.7
million, from P96.34 million.
Economies of scale from increased production elicited
lower cost of coal sold per metric ton (MT) to
P1,453.04, or 17-percent lower from P1,754.82. However,
with more volumes sold last year, total cost of sales
escalated by 40 percent to P5.19 billion from P3.71
billion.
The
company intensified efforts to break through the
barriers and penetrate the export market. The regional
shortage of thermal coal provided the company a timely
window to introduce coal outside the Philippines.
After
months of marketing and negotiating with potential
end-users and traders, Semirara made its maiden shipment
of 28,836 metric tons (MTs) of coal to South China in
February 2007.
“With
the increasing demand for Semirara coal, the company was
able to successfully negotiate for better prices for
subsequent shipments. On the local front, the shortage
of coal in the region also augured well for the company
as more plants decided to try using Semirara coal,” it
said.
As a
result, total local sales posted a 34-percent increase
to 2.776 million MTs from 2.076 million MTs. With export
sales of 798,800 MTs, total sales volume grew 72 percent
to 3.575 million MTs. |
