MARKET HEADLINE: SHORT SELLING BY OCTOBER

*on buyback* Semirara Mining Corp.
...ayus

SMPC H1 royalty payment triples to nearly P1.7B

Integrated energy company Semirara Mining and Power Corporation (SMPC) has tripled its first half royalty payments to the Department of Energy (DOE) to 1.69 billion from P575 million during the same period last year.

The surge in government remittances was driven by the SMPC’s increased production and expanding operations. The company is targeting an annual coal production of 16 million metric tons in the next two to three years. Last year, SMPC produced 12 million metric tons of the indigenous fuel.

Of the P1.69 billion, about 676 million will go to the local government units where SMPC operates. By law, the Province of Antique will receive P135 million while the Municipality of Caluya and Barangay Semirara will receive P304 million and P237 million, respectively. The rest of the amount, or over P1 billion, will be retained by the National Government.

“Our continued partnership with the DOE allows us to create and deliver shared value to the government and our host communities. With the increased royalty payments, they can undertake more programs and projects for our countrymen,” said SMPC President and COO Victor A. Consunji.

Under the Local Government Code of 1991, local government units are entitled to a 40 percent share of royalty proceeds from petroleum, coal, geothermal, hydrothermal and wind resources.

In 2015, SMPC remittances accounted for 83 percent of the P2.2 billion total government royalty collections from energy resource and production. Western Visayas, SMPC’s host region, received the biggest LGU share at nearly P725 million.

SMPC is the only power producer in the country that owns and mines its own fuel source, allowing it to generate affordable baseload power for the Luzon and Visayas grids.


source: http://edge.pse.com.ph/openDiscViewer.do...8Uv4D.dpbs
Reply
seems like the "dumping" (and insider buying) is over...

antay na lang iyong "news" daw sa December... Smile
Reply
start na...

after 2 months, sumampa na din ulit...nice... Smile
Reply
buy back daw, php2B worth...starting tomorrow...

http://edge.pse.com.ph/openDiscViewer.do...EarNU.dpbs
Reply
...here's the press release leon Smile

Semirara sets P2-billion share buyback program

SEMIRARA Mining and Power Corp. (SMPC) said its board in a special meeting on Thursday approved a buyback program of up to P2 billion worth of common shares.

The program aims to enhance shareholder value and to provide stockholders an opportunity to liquidate their investments, the Consunji-led company told the stock exchange.

SMPC said shares in the buyback program were based on the trading price at the open market through the trading facilities of the Philippine Stock Exchange beginning Dec. 8.

“The Corporation cannot accurately determine at this time its capital structure after the buy-back program since the actual number of shares to be repurchased will depend on the total buyback price of the shares,” it said.

Before the buyback program, SMPC’s capital structure is made up of 10 billion authorized capital stock, 4,261,145,720 issued shares, 4,261,145,720 outstanding shares and 3,463,570 treasury shares.

“The buyback is not an active and widespread solicitation, nor will it involve substantial number of shares, and will not adversely affect the Corporation’s prospective and existing development projects,” it added.

On Thursday, shares in SMPC surged 7.04% to close at P38 each.

In its trading recap for the day, RCBC Securities, Inc. said SMPC shares jumped “as investors turned optimistic on news that there is a split in the RCBC Securities added the listed firm’s buyback plan may have helped the stock’s rise. It said SMPC current market capitalization is at P151 billion.


source: http://bworldonline.com/semirara-sets-p2...k-program/
Reply
3-12

SMPC earnings seen unaffected by plant shutdown

Two power generation units of Semirara Mining and Power Corp. in Calaca, Batangas, have gone off-line to allow for unplanned maintenance and repairs but the Consunji-led company does not expect the unexpected disruption to significantly gnaw on earnings.

Semirara disclosed to the Philippine Stock Exchange on Friday that units 1 and 3 of its 900-megawatt coal-fired Calaca Power Plant complex had been put down for unplanned outage. Unit 3, which is run by Southwest Luzon Power Generation Corp. (SLPGC), was put down on March 6 due to observed abnormal vibration of the equipment. Unit 1, which is run by Sem-Calaca Power Corp. (SCPC), is undergoing unplanned outage until March 12 to give way to boiler slag removal.

This suggests that all four power units at Calaca have gone off-line, as two other units have been down for scheduled maintenance.

“The impact is not so big because there’s still allowable outage,” Semirara chief finance officer Junalina Tabor explained in an interview. “We don’t need to replace power because we’re still within allowable outage based on targets.”

Otherwise, Semirara would be compelled to purchase replacement power from other producers, which is seen to reduce its margins.

The other unit of SLPGC, which operates the 2×150 MW coal-fired thermal power plant, is currently undergoing regular planned maintenance outage and is targeted to be back on-line by the last week of March.

Furthermore, another unit of SCPC which operates the 2x300MW plant is undergoing a planned outage, to include the thorough assessment/inspection of the unit prior to the final phase of rehabilitation (life extension program) in 2019. It is expected to be back online by the end of the month.

In the case of Unit 1, Tabor said there was a need to wash the boilers to address slagging.

Slag refers to molten ash and other incombustible byproducts that remain following coal combustion.

For unit 3 which was put down due to abnormal vibration, Tabor said this was already being cooled down as SLPGC awaits their consultant.

source: http://business.inquirer.net/247499/smpc...t-shutdown
Reply
3-16

Semirara sets P13B capital spending

Integrated coal mining and energy company Semirara Mining and Power Corp. has earmarked P13 billion for capital outlays this year, 62 percent higher than the previous year, on higher spending to boost excavating capacity and extend the operating life of its power assets.

More than half of the total capital expenditures, or P7 billion, will go to the company’s subsidiaries, Sem-Calaca Power Corp. (SCPC) and Southwest Luzon Power Generation Corp. (SLPGC), top officials said.

Around $90 million will be spent for the life extension program of the 2×300 -megawatt conventional power plants of SCPC this year.

Another P2.3 billion will be used to fund the regular maintenance capital expenditure for both SCPC and SLPGC.

Funding for the power segment investments will come from internally generated funds and medium to long-term loans.

SMPC is also investing P6 billion to acquire dump trucks, excavators and other support equipment for its advance stripping operations. The amount is expected to be fully covered by internally generated cash.

Although the company is not boosting its coal production this year, it will need additional heavy equipment to move more overburden materials – referring to natural rock and soil that surround the ore body – which will be used to accelerate the final rehabilitation of its South Panian pit.

“We plan to totally fill the southern portion of the Panian pit within the next two years so it becomes a stable landform. After that, we will undertake a massive reforestation program in the area to restore its ecological balance,” said Semirara president and chief operating officer Victor Consunji.

Panian pit was closed in September 2016 following the depletion of its coal reserves. Semirara has since moved its extraction operations to its new mine sites, Molave and Narra.


source: http://business.inquirer.net/247745/semi...l-spending
Reply
3-20

Semirara unit’s power plant now supplying Luzon

Unit 1 of Semirara Mining and Power Corp.’s 300-megawatt (MW) coal-fired thermal power plant in Calaca town, Batangas province, is now supplying electricity to Luzon after it synchronized with the island’s grid.

In a disclosure, Semirara said the facility, operated by subsidiary Sem-Calaca Power Corp. (SCPC), went online at 8:22 a.m. on Sunday.

Its average load capacity was at 250MW on Monday morning.

The company tested the plant’s equipment before synchronizing.

This came after Unit 1 went on an unscheduled outage until March 12 to remove boiler sags.

Repairs of other facilities that went on maintenance shutdown continue, Semirara said. Their operations are expected to resume by end of March.

Unit 1 of the firm’s 150-MW coal-fired (circulating fluidized bed) thermal power plant, operated by subsidiary Southwest Luzon Power Generation Corp. (SLPGC), has been on unplanned outage since March 6 after its equipment was vibrating abnormally.

 Also, that facility’s Unit 2 is on regular and planned maintenance outage.

The SCPC plant’s second unit is on a planned outage for assessment and inspection before the final phase of its rehabilitation or life-extension program begins in 2019.

A unit of DMCI Holdings Inc., Semirara is involved in exploring, developing, and mining coal resources on Semirara Island in Caluya town, Antique province.

The integrated energy company’s consolidated net income after taxes rose to P14.14 billion in 2017, up 18 percent from P12.04 billion in 2016.


source: http://www.manilatimes.net/semirara-unit...on/387354/
Reply
5-14

Semirara sees slower income growth in 2018 over plant shutdowns

With the shutdown of some plants, Semirara started buying replacement power from the Wholesale Electricity Spot Market in the last week of March, which had minimal impact on its 1st quarter earnings

MANILA, Philippines – Semirara Mining and Power Corporation, a coal mining and power generating firm owned by the Consunji group, expects slower net income growth this year due to scheduled and unplanned shutdowns of its 4 power plants.

Semirara Mining, however, said it will still register positive net income this year, as the expected strong performance of its coal mining business will "slightly offset the impact" of the recent shutdown of its power plants under Sem-Calaca Power Corporation (SCPC) and Southwest Luzon Power Generation Corporation (SLPGC).

For this year, Semirara Mining expects coal prices to average $80 per metric ton (MT), compared to last year's average of $50 to $60 per MT.

The company earlier said that higher coal prices, coupled with the weakening of the Philippine peso against the United States dollar, would boost its coal exports.

"We anticipate higher coal sales this year because of healthy demand from local and international consumers. The foreign exchange rate and strong coal prices will also prop up our bottom line," Semirara Mining president Victor Consunji said last week.

Higher coal prices are being driven by strong demand from China. Domestically, demand for coal is also increasing, which is also pushing coal prices higher, said Consunji. (READ: Semirara says open-pit mining ban won't affect operations)

He added that Semirara Mining would also be able to offset its replacement power costs in the succeeding quarters from its insurance claims.

Unit 2 of SCPC was offline for the most part of this quarter due to scheduled preventive maintenance and technical inspection in relation to its rehabilitation program, while Unit 2 of SLPGC was shut down for preventive maintenance work.

Unit 2 of SCPC resumed normal operations on March 17, while Unit 2 of SLPGC went back online on April 16.

Unit 1 of SCPC and Unit 1 of SLPGC were also forced to shut down in early 2018, as the former required the removal of slags from its boiler while the latter exhibited abnormal equipment vibration.

Unit 1 of SCPC went back online on March 17, but Unit 1 of SLPGC remains offline for repairs until August this year.

With the prolonged shutdown of SLPGC Unit 1, Semirara Mining started buying replacement power from the Wholesale Electricity Spot Market (WESM) in the last week of March, which had minimal impact on its 1st quarter earnings.

Consunji said SLPGC has business interruption insurance, covering the loss of business income as a result of damage to the insured asset.

Meanwhile, SLPGC was issued a certificate of compliance in March by the Energy Regulatory Commission (ERC) for its 50-megawatt modular gas turbine power plant.

SLPGC is now finalizing its contract with the National Grid Corporation of the Philippines (NGCP), allowing the Semirara Mining subsidiary to provide ancillary services to the grid operator.

While awaiting the ancillary service contract to take effect, SLPGC is bidding its gas turbine capacity in the electricity spot market. 


source: https://www.rappler.com/business/202476-...-shutdowns
Reply
5-15

Semirara Mining sees sustained growth shares

MANILA, Philippines — Integrated energy company Semirara Mining and Power Corp. (SMPC) expects to sustain its growth this year despite scheduled and unplanned shutdowns in the first quarter of its four power plants.

“Even with the plant shutdowns, we are on track to deliver full year growth.  We expect to offset our replacement power costs in the succeeding quarters from our insurance claim,” SMPC president Victor Consunji said.

SMPC is banking on its coal segment to drive earnings upward despite the downward pressure from its power segment.

“We anticipate higher coal sales this year because of healthy demand from local and international consumers. The foreign exchange rate and strong coal prices will also prop up our bottom line,” Consunji said.

The company also expects its newly formed ancillary service business to be a bright spot.

Southwest Luzon Power Generation Corp. (SLPGC) was issued a certificate of compliance in early March by the Energy Regulatory Commission for its 50-megawatt modular gas turbine power plant.

SLPGC is now finalizing its contract with the National Grid Corp. of the Philippines which will allow the SMPC subsidiary to provide ancillary services to the grid operator.

While awaiting the ancillary service contract to take effect, SLPGC is bidding its gas turbine capacity in the electricity spot market.

For its power generation business, Unit 2 of Sem-Calaca Power Corp. (SCPC) was offline for the most part of the quarter for scheduled preventive maintenance and technical inspection in relation to its rehabilitation program, while Unit 2 of SLPGC was shut down for preventive maintenance work.

SMPC Unit 2 resumed normal operations on March 17, while the SLPGC Unit 2 went back online on April 16.
Meanwhile, forced to go on unplanned shutdowns in early March were Unit 1 of SCPC and Unit 1 of SLPGC, as the former required the removal of slags from its boiler, while the latter exhibited abnormal equipment vibration.

Unit 1 of SCPC went back online on March 17, but Unit 1 of SLPGC will remain offline for repairs until August this year, according to SMPC.

With the protracted shutdown of SLPGC Unit 1, SMPC began purchasing replacement power from the Wholesale Electricity Spot Market in the last week of March which had minimal impact on its first quarter earnings.

SLPGC has business interruption insurance that covers the loss of business income as a result of damage to the insured asset.

The final amount will still be determined by the insurance adjuster appointed by SLPGC’s reinsurers but SMPC expects that it will substantially reduce the impact of replacement power costs to SLPGC’s profitability.

Consunji said the generated output of SLPGC Unit 2 is enough to serve the contracted capacity of SLPGC, except for a few hours during peak demand or as needed by its offtakers.


source: https://www.philstar.com/business/2018/0...ned-growth
Reply


Forum Jump:


Users browsing this thread: 1 Guest(s)