Semirara Mining net income drops 53% to P1.48 billion on lower coal and power prices

Semirara Mining and Power Corporation reported a 53 percent decrease in third-quarter net income to P1.48 billion, primarily due to declining coal and electricity prices.

Consolidated revenues fell 9% to P11.93 billion, with lower selling prices across both coal and power segments despite improved operating performance.

Coal revenues slipped 1% to P8.04 billion, as a 27% increase in production to 3.8 million metric tons and a 23% rise in shipments cushioned the impact of lower selling prices.

The average Semirara selling price for coal slid 20% to P2,249 per metric ton, influenced by a higher proportion of lower-grade output and a 23% drop in the Newcastle Index.

In the power segment, revenues declined 5% to P5.54 billion, as total energy sales rose 9% to 1,324 GWh, but the average selling price of electricity dropped 7% to P4.44 per kWh.

Contracted power prices increased 11% to P5.19 per kWh, while spot rates plunged 23% to P3.73 per kWh.