Semirara Mining and Power Corp (SMPC) reported a 33% drop in net income to ₱4.4 billion in the first quarter of 2025 from ₱6.5 billion a year earlier, as stabilizing coal prices weighed on earnings despite improved performance from its power segment.
Quarter-on-quarter, SMPC’s net income rose 11% from ₱3.92 billion, driven by stronger electricity generation and sales, according to a company disclosure.
Coal production rose 16% to 5.7 million metric tons (MMT), supported by better access to mine seams in its Narra pit. However, total shipments slipped 2% to 4.7 MMT on weaker domestic sales, with exports to China, Brunei and Vietnam holding steady at 2.7 MMT.
The average selling price (ASP) for Semirara coal fell 17% year-on-year to ₱2,481 per MT, tracking weaker global benchmarks. The Newcastle Index dropped 16% to US$105.4, while the Indonesian Coal Index 4 slid 14% to US$49.3.
Gross power generation climbed 9% to 1,535 GWh, following the restoration of SEM-Calaca Power Corp’s Unit 2 to 300 MW in May 2024. Total power sales increased 11% to 1,427 GWh, with 64% sold via the spot market.
The group’s overall power ASP held nearly flat at ₱4.42 per kWh. While bilateral contract prices improved, spot market prices in the Luzon-Visayas grid declined 21% to ₱3.63 per kWh amid increased generation capacity.
At the end of March, 40% of the company’s 840 MW dependable power capacity was under contract. SMPC retained 421.6 MW of net selling capacity for the spot market, excluding fluctuating station service use.
SMPC said it will continue to focus on cost management, production optimization and contracting strategies amid a dynamic energy landscape. – MiningNewsPhilippines.com
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