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INTEGRATED energy firm Semirara Mining and Power Corp. saw a 37 percent drop in net income in the first nine months of the year to P22.6 billion from P35.9 billion, mainly due to lower coal shipments and selling prices.For the third quarter alone, SMPC’s net income plunged 66 percent to P3.4 billion from P10.1 billion.From January to September, the average selling price of Semirara coal fell 23 percent to P4,042/metric ton from P5,224/MT on stabilizing index prices.
Nine-month coal production fell 14 percent from a record high 13.7 million metric tons to 11.8 MMT due to higher stripping activities in the Molave and Narra mines, causing coal shipments to drop 12 percent to 10.5 MMT from 11.9 MMT.
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