Semirara Mining and Power Corp. said Monday consolidated total comprehensive income declined 20 percent to P9.6 billion in 2019 from P12.1 billion in 2018.
SMPC disclosed to the Philippine Stock Exchange unit Sem-Calaca Power Corp. posted a loss last year while the coal business suffered a decline in income.
SMPC’s coal business reported a 23-percent decline in core profit to P7.4 billion last year from P9.7 billion in 2018.
SCPC registered s loss of P758 million from a profit of P1.2 billion in 2018.
Meanwhile, Southwest Luzon Power Generation Corp. recorded a core profit of P2.8 billion, up 182 percent from P1 billion in 2018.
“Net of eliminations, coal, SCPC, and SLPGC contributed P6.2 billion, P58.9 million and P3.5 billion, respectively, in 2019,” SMPC said.
SMPC’s coal production reached 15.2 million metric tons last year, 17 percent up against 12.9 million MT from the previous year.
“The record high production is a combination of higher capacities and good weather condition in the current year,” the company said.
SMPC’s coal sales reached 15.6 million MT, up 35 percent from 11.6 million MT a year ago.
The company sold 34 percent of the coal volume in the domestic market and 66 percent to the foreign markets.
“The decline in domestic sales was primarily triggered by the low off-take of own power units (Unit 1 and 2 of Sem-Calaca Power Corporation) because of the life extension program,” SMPC said.
SMPC added depressed coal prices brought down the average selling price per MT by 22 percent but the negative impact of the decline in coal prices was mitigated by the record high shipment.
Gross coal revenue increased five percent to P32.3 billion from P30.7 billion a year ago.
SMPC’s coal segment reported a 23-percent decline in core profits at P7.4 billion last year from P9.7 billion in 2018.