Semirara Mining and Power Corp. said Tuesday consolidated net income after tax in the first quarter fell 49 percent to P2.33 billion from P4.57 billion year-on-year due to losses suffered from its power generation unit and lower coal prices.
SMPC disclosed to the Philippine Stock Exchange net of eliminations for the coal segment and Southwest Luzon Power Generation Corp. contributed P2.13 billion and P226.10 million respectively, while SEM-Calaca Power Corp. recorded a net loss of P22.37 million this year.
SMPC chairman Isidro Consunji said he was optimistic of better financial figures next year with the full operations of the power plants.
“The plants are not fully operating this year. Next year will be okay. For coal, production is higher but prices are lower,” said Consunji.