Semirara profit drops 53% as prices decline

SEMIRARA MINING and Power Corp. posted a 53% year-on-year decline in third-quarter net income to P1.48 billion, as weaker global coal and electricity prices offset higher production and sales volumes.

- Sheldeen Joy Talavera

Consolidated revenues fell 9% to P11.93 billion, with lower selling prices across both coal and power segments despite improved operating performance, the Consunji-led company said in a stock exchange filing on Monday.

Coal revenues slipped 1% to P8.04 billion, as a 27% increase in production to 3.8 million metric tons (MT) helped cushion the impact of lower selling prices. Shipments rose 23% to 3.6 million MT, supported by stronger exports amid steady domestic demand.