SMC Global Power Corp., the power arm of diversified San Miguel Corp., said posted a 10-percent decline in consolidated net income in the first quarter to P3.221 billion from P3.579 billion in the same period last year amid lower revenues and lower power costs.
Consolidated revenues reached P28.298 billion in the first quarter, or 18 percent lower than last year’s P34.676 billion a year ago.
SMC Global attributed the revenue decrease to the decline in bilateral offtake volume of South Premiere Power Corp. due to lower Manila Electric Co. nominations and lower average sales prices under the new power supply agreements of SPPC and San Miguel Energy Corp. with Meralco effective Dec. 31, 2019.
Other factors were lower average sales prices of Masinloc Power Partners Co. Ltd. for its bilateral offtake volume and lower average spot prices for Luzon-based power plants moderated by higher revenues of San Miguel Consolidated Power Corp. on account of the increase in its bilateral offtake volume; and increase in spot sales volume of MPPCL and Strategic Power Devt. Corp.