Semirara Mining and Power Corp. (SMPC) posted P27.9 billion in consolidated net income in 2023, a 30-percent drop from the previous year’s P39.9 billion.
The company said despite the drop, the amount is still the second highest consolidated net income in its history.
SMPC said all-time high coal shipments and record electricity sales softened the impact of weaker selling prices for both coal and electricity.
Full-year consolidated revenues of the company also declined by 16 percent for the period from P91.13 billion to P76.96 billion mainly due to lower selling prices for coal and electricity.
“Last year, we expected energy prices to stabilize so we focused on boosting our mine and plant outputs. Our people played a crucial role in helping us manage the challenges of a fluctuating energy market,” said Maria Cristina Gotianun, SMPC president and chief operating officer, in a statement.
SMPC said coal sales volume increased by 7 percent from 14.8 million metric tons (MT) to 15.8 million MT, driven by a 14 percent rise in exports from 7.1 million MT to 8.1 million MT that compensated for the stagnant domestic sales at 7.7 million MT.
The company added average selling price of Semirara coal fell by 26 percent from P5,136 to P3,796 as index prices retreated due to an oversupply from Indonesia, a warm winter and subdued global economic growth.