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Manila Bulletin devider Business devider The Stock Market devider Semirara Mining profits fall 37%

Semirara Mining profits fall 37%

Published Oct 31, 2023 07:35 am

Semirara Mining and Power Corporation's (SMPC) net income fell by 37 percent to P22.6 billion in the first nine months of 2023 from P35.9 billion in the same period last year due to lower coal shipments and selling prices.

In a disclosure to the Philippine Stock Exchange (PSE), the company’s net income decreased by 66 percent to P3.4 billion for this year’s third quarter from P10.1 billion in 2022.  

Its revenues for the first nine months of this year also dipped by 23 percent to P56.20 billion from P73.17 billion last year because of weaker coal shipments and selling prices, but slightly offset by higher electricity sales volume and price.

SMPC president and COO Maria Cristina C. Gotianun said the third quarter is “always a slow period for us in terms of production and demand because of the rainy season.” The high yields in the third quarter last year was an “outlier because of high index prices,” she added.

Coal’s contribution to the SMPC’s overall net income was recorded at P13.97 billion this year, a 52 percent drop from P29.37 billion last year. Nine-month coal production dipped by 14 percent to 11.8 million metric tons (MMT) from 13.7 MMT due to higher stripping activities in the Molave and Narra mines. Coal shipments also slid by 12 percent to 10.5 MMT from 11.9 MMT.

For the first nine months of the year, the average selling price of Semirara coal declined by 23 percent from P5,224 per metric ton (MT) to P4,042 MT caused by stabilizing index prices. 

Meanwhile, SMPC’s power segment contribution to the net income was raised to P8.61 billion this year from P6.58 billion last year. It recorded its best-ever nine-month period plant performance in 2023 with 81 percent plant availability compared to 62 percent in the same period last year. 

Gross generation also accelerated to 3,695 gigawatt hours (GWh) from 2,881 GWh, and sales volume rose from 2,778 GWh to 3,437 GWh.

The average selling price from January to September this year posted a two percent increase from P5.62 to P5.75 due to higher contract prices offsetting the impact of receding spot market prices. Average spot selling price also fell by 14 percent from P7.33 to P6.33 caused by more stable fuel prices and added capacity of the main grid.

“Our power business really stepped up this year. Their all-time high results offset the sharp earnings drop in our coal business,” said Gotianun.

The SEM-Calaca Power Corporation's contributions amounted to P6.95 billion in the nine months of this year, 41 percent higher than P4.94 billion last year.

The Southwest Luzon Power Generation Corporation recorded flat contributions at P1.66 billion for this year compared to P1.63 billion in 2022. 
 

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