Integrated energy company Semirara Mining and Power Corp. (SMPC) said Wednesday it posted P27.9 billion in consolidated net income in 2023, a 30-percent decline from P39.9 billion in 2022.
SMPC said last year’s income was still the second highest in its history.
Full-year consolidated revenues went down by 16 percent from P91.13 billion to P76.96 billion due to lower selling prices of coal and electricity.
It said all-time high coal shipments and record electricity sales softened the impact of weaker selling prices for both coal and electricity.
“Last year, we expected energy prices to stabilize so we focused on boosting our mine and plant outputs. Our people played a crucial role in helping us manage the challenges of a fluctuating energy market,” said SMPC president and chief operating officer Maria Cristina Gotianun.
Coal sales volume increased 7 percent to 15.8 million metric tons (MMT) from 14.8 MMT due to the 14-percent rise in exports to 8.1 MMT, which compensated for the stagnant domestic sales at 7.7 MMT.
The average selling price (ASP) of Semirara coal fell 26 percent to P3,796 per MT from P5,136 due to an oversupply from Indonesia, a warm winter and subdued global economic growth.
Combined electricity sales from SMPC subsidiaries SEM-Calaca Power Corp. (SCPC) and Southwest Luzon Power Generation Corp. (SLPGC) expanded 26 percent to 4,515 gigawatt hours (GWh) from 3,596 GWh, driven by 86-percent upturn in SCPC gross generation at 3,192 GWh.
Electricity ASP narrowed 5 percent to P5.40 per kWh from P5.67 on the combined impact of higher demand, entry of new capacity and interconnection of the Visayas and Mindanao grids.