Integrated energy company Semirara Mining and Power Corp. (SMPC) reported a 37-percent decline in net income in the first nine months of 2025 to P9.9 billion from P15.7 billion in the same period last year on weaker coal and electricity prices alongside higher production-related costs.
The lower earnings came despite record coal shipments and power sales, with shipments rising 5 percent to 12.9 million metric tons (MMT) and total power sales growing 12 percent to 4,186 gigawatt-hours (GWh).
It said that third-quarter consolidated net income declined 53 percent to P1.5 billion from P3.1 billion last year, as lower energy prices continued to weigh heavily on profitability.
“This has been a more difficult year operationally, but we continue to adapt,” said SMPC president and chief operating officer Maria Cristina Gotianun.
“Our priority is to strengthen reliability, manage costs, and preserve our financial flexibility to navigate changing market and operating conditions,” she said.
The company said that from January to September, the average Newcastle Index (NEWC) dropped 32 percent year-on-year to $104.5, while the Indonesian Coal Index four fell 16 percent to $45.9. Average spot electricity prices in the Luzon-Visayas grid also fell 33 percent, from P5.59 per kilowatt-hour (kWh) to P3.73/kWh.
The average selling price for Semirara coal dropped 19 percent to P2,325 per metric ton (MT) from P2,864/MT on higher share of lower-grade shipments. Total coal production, however, increased 15 percent to a record 15.1 MMT from 13.1 MMT, supported by improved access to coal seams at the Narra mine.
The overall average selling price for electricity declined 10 percent to P4.46/kWh from P4.93/kWh amid stable demand in the Wholesale Electricity Spot Market (WESM).
It said of the total energy sold, 57 percent went to the spot market, while 43 percent was covered by bilateral contract quantities. As of the end of September, 40 percent of SMPC’s 860 MW total dependable capacity was contracted.
