Semirara Mining and Power Corp. said consolidated net income after tax in 2018 fell 15 percent to P12 billion from P14.2 billion in the previous year.
SMPC said production of its coal segment slowed two percent to 12.9 million metric tons from 13.2 million MT in 2017 as heavy rains in July and August caused lower production in the third quarter.
The company said with the lower production, coal sales dropped 12 percent to 11.6 million MT from 13.1 million MT a year ago. Domestic customers declined 2 percent while coal exports sales fell 22 percent on lower production.
An 18 percent higher average selling price per ton, however, offset the drop in sales volume, resulting in an increase in coal revenues by four percent to P30.7 billion from P29.7 billion in 2017.
SMPC’s coal segment as a result booked core profits of P9.7 billion in 2018, up 8 percent from P9 billion in 2017.
Meanwhile, SEM-Calaca Power Corp.’s gross generation declined seven percent year to 3,282 gigawatt-hours from 3,515 GWH.
SCPC owns the 600-megawatt coal-fired power plant in Calaca, Batangas.
