SEMIRARA Mining and Power Corp. (SMPC) has approved the appointment of Maria Cristina C. Gotianun as its president and chief operating operating officer “effectively immediately.”
In a disclosure to the stock exchange, the Consunji-led SMPC said its board of directors had approved the move at a special meeting held on Monday.
Ms. Gotianun was previously appointed by the board as officer-in-charge president of the company and concurrently held the positions of executive vice-president and chief information officer.
The positions became vacant after the death of Victor A. Consunji on Dec. 27, 2018.
Last month, SMPC reported a 15% slide in consolidated next income for 2018 to P12 billion as both its coal mining and power generation businesses recorded lower sales last year.
It said production in its coal segment slightly eased by 2% to 12.9 million metric tons (MT) from P13.2 million MT previously.
The integrated energy company said the lower production resulted in a drop in coal sales to 11.6 million MT, or 12% lower than the previous year’s 13.1 million MT. It said uptake by domestic customers slipped by 2% while coal export sales fell by 22% as output dropped.
However, the 18% higher average selling price per ton offset the drop in sales volume, it said, resulting to an increase in coal revenues by 4% to P30.7 billion from P29.7 billion a year earlier. — Victor V. Saulon