Semirara profit falls 64%

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    Semirara Mining and Power Corp. (SMPC) said profit for the first nine months of the year reached P3 billion, down 64 percent from P8.2 billion last year.

    The company said its coal business was affected by further decline in coal export prices and lower coal volume sold in the third quarter, hitting just 2.7 million metric tons (MT) with composite average price at P1,594 per MT.

    This led the company’s nine months coal sales stood to hit 8.4 million MT, down 30 percent from 12.1 million MT last year. The shipment’s composite average coal price was at P1,712 per MT, down 20 percent from P2,133 per MT in 2019.

    Coal production reached 10.9 million MT, down 9 percent from 12 million MT produced during same period last year.

    The 2×150 Megawatt (MW) unit Southwest Luzon Power Generation Corp. booked additional contracted capacity of 150MW bringing its contracted capacity to 221 MW. Unit Sem-Calaca Power Corp. sold 2,146GWh for the nine month period, up 56 percent from 1,380GWh in 2019.