Listed Semirara Mining and Power Corp. reported on Wednesday that its net income after taxes fell to P3 billion in the first nine months of 2020 on reduced coal prices and volumes.
In a disclosure, the Consunji-led integrated energy company said the amount was a 64-percent decrease from P8.2 billion in the same period a year ago.
For the third quarter alone, net income dived by 71 percent to P7.5 million from P2.58 billion last year.
Semirara Mining attributed the reduction in the July-to-September profit to the "further decline in coal export prices and lower coal volume sold."
Coal sales dropped by 30 percent to 8.4 million metric tons (MT) in January to September from 12.1 million MT, while core profits of the firm's coal segment fell by 57 percent to P3 billion year-on-year.
The effective composite average coal price also decreased by 20 percent to P1,712 per MT from P2,133/MT.
"Coal production is not significantly affected by the Covid-19 pandemic, as it posted 10.9 million MT from 12 million MT produced during the same period last year with [a] 9-percent drop year-on-year," Semirara Mining said.
Meanwhile, subsidiary Southwest Luzon Power Generation Corp. saw its core profit sink by 111 percent to -P0.23 billion from P2.08 billion year-on-year.
Total energy sold decreased by 23 percent to 1,045 gigawatt hours (GWh) from 1,357 GWh in 2019.
Composite average price is at P2.79 per kilowatt hour (kWh) in 2020 from P4.15 per kWh in same period last year.
Another unit, Sem-Calaca Power Corp., saw its core income surge by 120 percent from -P0.88 billion to P0.17 billion after completing its life extension program.
Its net energy generation rose by 139 percent to 2,310 GWh from 968 GWh a year earlier.
Total energy sold reached 2,146 GWh, up 56 percent from 1,380 GWh.
Semirara Mining shares lost 92 centavos or 7.89 percent to close at P10.74 each on Wednesday.
In a disclosure, the Consunji-led integrated energy company said the amount was a 64-percent decrease from P8.2 billion in the same period a year ago.
For the third quarter alone, net income dived by 71 percent to P7.5 million from P2.58 billion last year.
Semirara Mining attributed the reduction in the July-to-September profit to the "further decline in coal export prices and lower coal volume sold."
Coal sales dropped by 30 percent to 8.4 million metric tons (MT) in January to September from 12.1 million MT, while core profits of the firm's coal segment fell by 57 percent to P3 billion year-on-year.
The effective composite average coal price also decreased by 20 percent to P1,712 per MT from P2,133/MT.
"Coal production is not significantly affected by the Covid-19 pandemic, as it posted 10.9 million MT from 12 million MT produced during the same period last year with [a] 9-percent drop year-on-year," Semirara Mining said.
Meanwhile, subsidiary Southwest Luzon Power Generation Corp. saw its core profit sink by 111 percent to -P0.23 billion from P2.08 billion year-on-year.
Total energy sold decreased by 23 percent to 1,045 gigawatt hours (GWh) from 1,357 GWh in 2019.
Composite average price is at P2.79 per kilowatt hour (kWh) in 2020 from P4.15 per kWh in same period last year.
Another unit, Sem-Calaca Power Corp., saw its core income surge by 120 percent from -P0.88 billion to P0.17 billion after completing its life extension program.
Its net energy generation rose by 139 percent to 2,310 GWh from 968 GWh a year earlier.
Total energy sold reached 2,146 GWh, up 56 percent from 1,380 GWh.
Semirara Mining shares lost 92 centavos or 7.89 percent to close at P10.74 each on Wednesday.
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