November 4, 2025 | 12:00am
MANILA, Philippines — Consunji-led Semirara Mining and Power Corp. (SMPC) ended the first nine months with a double-digit decline in earnings, weighed down by weaker coal and electricity prices.
The integrated energy company reported a net income of P9.9 billion, down by 37 percent from P15.7 billion a year earlier, despite record coal shipments and power sales.
Total revenues dropped by 13 percent to P43.26 billion from P49.67 billion, as lower average selling prices for both coal and power offset gains from improved production and plant performance.
“This has been a more difficult year operationally, but we continue to adapt. Our priority is to strengthen reliability, manage costs and preserve our financial flexibility to navigate changing market and operating conditions,” SMPC president and COO Maria Cristina Gotianun said.
In the coal segment, SMPC’s total shipments reached a record high of 12.9 million metric tons, up by five percent from 12.3 MMT and driven by stronger exports and increased deliveries to its own power plants.
Coal production was also at an all-time high during the nine months, rising by 15 percent to 15.1 MMT from 13.1 MMT following improved access to coal seams at the Narra mine.
The average selling price for Semirara coal, however, plunged by 19 percent to P2,325 per MT from P2,864 per MT, reflecting softer market prices and a higher share of lower-grade shipments.
As for the power business, the company saw its electricity sales increase by 12 percent to a record high of 4,186 gigawatt-hours, up from 3,722 GWh previously.
The bulk of total energy sold, or 57 percent, went to the power spot market, while the remaining 43 percent was delivered under bilateral contracts.
According to SMPC, the overall average selling price for electricity decreased by 10 percent to P4.46 per kilowatt-hour, from P4.93 per kWh.
As of end-September, 40 percent of SMPC’s total dependable capacity of 860 megawatts had been contracted.
SMPC, through wholly owned subsidiaries Sem-Calaca Power Corp. and Southwest Luzon Power Generation Corp., provides baseload supply to the national grid through bilateral contracts and the spot market.
For 2025, the group’s capital expenditures are projected to increase by 11 percent to P5.9 billion, primarily due to the coal segment’s ongoing investments in equipment upgrades and fleet expansion.