Semirara Mining and Power Corp., a coal mining and power generating company owned by the Consunji family, said it expects the 2018 full-year net income to be lower than the previous year because of the scheduled and unplanned shutdowns of four power plants.
SMPC said it expected to still register a positive net income this year on the strong performance of coal mining business which would offset the impact the recent shutdown of power plants under Sem-Calaca Power Corp. and Southwest Luzon Power Generation Corp.
SMPC said it projected coal prices to average $80 per metric ton this year, up from last year’s average of $50 to $60 per ton.
It said the higher coal prices, coupled with depreciation of the peso against the dollar, would boost the company’s coal exports.
“We anticipate higher coal sales this year because of healthy demand from local and international consumers. The foreign exchange rate and strong coal prices will also prop up our bottom line,” SMPC president Victor Consunji said.