CONSUNJI-LED Semirara Mining and Power Corp. (SMPC) reported a 66% decline in its consolidated after-tax net income to P3.29 billion on the back of lower coal and power revenues last year.
In a regulatory filing on Thursday, the company placed its total revenues last year at P23.3 billion, down 36.2% from the level in the previous year.
The coal segment logged a 43% decrease in revenues to P16.5 billion, as coal sales dropped last year.
“Coal sales declined 16% from 15.6 MMT (million metric tons) to 13.1 MMT… Average selling price of coal dropped 23% from P2,074 to P1,591 per MT (metric ton),” SMPC said.
Export sales volume declined 27% to 7.6 MMT, but domestic sales volume grew 5% to 5.5 MMT.
The company also noted that the deferment of mining operations at its North Block 7 in Molave Mine, Antique reduced its coal production to 13.2 MMT from 15.2 MMT.
Meanwhile, the firm’s power segment recorded a 23% decrease in consolidated revenues to P11.7 billion in 2020, despite a rise in total power sales volume.
“Total power sales volume up 14% to 4,218 GW (gigawatts)… while ASP (average selling price) fell 32% to P2.76 (per kilowatt),” SMPC said, referring to the latest figures from Calaca Power Corp. and South Luzon Power Generation Corp., which make up the firm’s power segment.
SMPC did not give comparative figures in its disclosure.
SMPC generates revenues by producing and selling sub-bituminous coal. The firm currently has coal supply contracts with its own power subsidiaries, and other power plants and cement manufacturers.
SMPC shares in the local bourse inched up 0.16% or two centavos to close at P12.92 apiece on Thursday. — Angelica Y. Yang
