Semirara Mining Corporation or SCC is a coal mining company incorporated in February, 1980 to explore, develop, and mine the coal resources in Semirara Island of Antique. As of end of 1st Quarter 2011, 56.32% of total shares of SCC is owned by DMCI Holdings, Inc.(DMC).
1. Coal Mining - the company generates its main revenues through the production of sub-bituminous coal. In 2010, 57% of the volume of coal products is exported, China is the main custormer (80%). For its power business, 13% of the coal is used. The remaining volume is sold to other power plants, cement plants and other local industries.
2. Power - the company owned 100% of the 2 power generating units of SEM-Calaca Power Corporation. This 2 units has total rated capacity of 600 MW however utilization is only at 55%. Rehabilitation is currently in progress to maximize the capacity.
SCC's acquisition of SCPC (Calaca Power Plant) has boosted the profitability in 2010. In addition, the significant increase in sales volume of coal resulted to 24% increase in coal revenues versus in 2009. Consolidated revenue is almost doubled to P14.24 billion compared to previous year.
This year's net income is 114% higher that P1.85 million in 2009.
For 2010, 62% of the revenue is attributed to its coal business while 38% was from its power sector.
Click here for the continuation: SCC - Company Review (FY2010) Part 2.