Semirara Mining and Power Corp. said Wednesday consolidated net income after tax declined 64 percent in the first nine months to P3 billion from P8.2 billion in the same period last year on weak market conditions.
SMPC said in a disclosure to the Philippine Stock Exchange third-quarter net income after tax also fell by 71 percent to P750 million from P2.58 billion in the same period in 2019.
It said that on a standalone basis, core profits of coal segment declined by 57 percent in the nine-month period to P3 billion.
SMPC subsidiary Southwest Luzon Power Generation Corp. booked a net loss of P232 million from January to September.
Subsidiary Sem-Calaca Power Corp. turned around with a P174-million profit in the nine-month period from a loss of P882 million last year as the life extension program was already completed.
SMPC sold 2.7 million metric tons of coal in the third quarter, an 8-percent improvement from 2.5 million in the same quarter last year with composite average price of P1,594 per MT.
It said that in the nine-month period, coal sales went down by 30 percent to 8.4 million MT from 12.1 million MT a year earlier.
Effective composite average coal price went down by 20 percent year-on-year from P2,133 per MT in 2019 to P1,712 per MT this year.
“Coal production is not significantly affected by the Covid-19 pandemic as it posted 10.9 million MT from 12 million MT produced during same period last year with 9-percent drop year-on-year,” SMPC said.
It said that in the power segment, the 300-megawatt coal plant under Southwest Luzon Power Generation Corp. booked additional contracted capacity of 150 MW. bringing its contracted capacity to 221 MW.
The net energy generation in the third quarter improved 81 percent to 389 gigawatt-hours from 215 gWh in the second quarter.