Semirara Mining and Power Corp. said Monday it posted a 43-percent decline in consolidated net income after tax to P1.2 billion in the first quarter from P2.3 billion in the same period last year.
SMPC said in a disclosure to the stock exchange the lower income was due to lower coal and electricity prices and plant outages during the period.
It said net of eliminations, the coal segment contributed P1.2 billion while SEM-Calaca Power Corp. added P100 million. Southwest Luzon Power Generation Corp. recorded a net loss of P200 million in the first three months.
Coal production went down by 22 percent in the first quarter to 3.2 million metric tons from 4.1 million MT in the same period last year. Export sales fell 20 percent to 1.6 million tons from 2 million tons a year ago, while domestic sales stood at 1.6 million tons.
SMPC said the drop in global coal prices translated into a 16-percent decrease in coal average selling price to P1,900 per ton in the first quarter from P2,272 a year ago.
