SEMIRARA Mining and Power Corp. saw first-quarter net income drop by 28 percent to P6.54 billion, from P9.03 billion in 2023, as weaker market prices weighed on higher coal shipments and energy sales.In a filing, the firm said total revenues also fell, by 11 percent to P18.43 billion from P20.71 billion, as global coal indices declined due to weak demand from developed countries, driven by changes in energy policies, a shift toward renewable sources, and slowing economic activities.
49 billion last year, as the average selling price for its coal shrank by 33 percent to P2,978 per MT from P4,427.Coal shipments, however, expanded by 37 percent to 4.8 million MT from 3.5 million MT on strong demand from China and the domestic market.In the power segment, revenues dropped 25 percent to P5.73 billion from P7.66 billion as the average selling price for electricity declined 28 percent to P4.47 per kilowatt-hour from P6.17 per KWh a year earlier.