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Lower coal prices, higher costs weigh down Semirara's third-quarter profit

Business | The Stock Market

Lower coal prices, higher costs weigh down Semirara's third-quarter profit

By Gabriell Christel Galang

Consunji-led Semirara Mining and Power Corp. (SMPC) faced a challenging quarter, reporting a drop in profit due to declining selling prices and increasing costs that impacted overall performance.

In a disclosure to the Philippine Stock Exchange on Wednesday, Oct. 30, Semirara reported that its net income plummeted by 31 percent to P15.7 billion from P22.6 billion in the same period last year.

Semirara’s third-quarter earnings also fell eight percent to P3.1 billion compared to P3.4 billion in the previous quarter.

The decline in net income has been attributed primarily to the reduced contributions from the coal segment.

Semirara explained that the average selling price (ASP) of coal decreased of 15 percent from P3,315 per metric ton to P2,811 per metric ton.

This coal price drop coincided with stabilizing market prices, which SMPC President and Chief Operating Officer Maria Cristina C. Gotianun noted exerted pressure on the company's margins.

Additionally, the rainy season impacted coal shipments and electricity prices, further straining the financial results.

From July to September, the average Newcastle Index (NEWC) fell by five percent, while the Indonesian Coal Index 4 (ICI4) remained relatively flat.

The company's operational performance was somewhat bolstered by a 16 percent increase in total coal shipments, driven by stronger export demand, particularly from China. However, this was not enough to offset the impact of lower selling prices.

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