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Semirara Mining and Power Corp. said Tuesday its nine-month net income fell 37 percent to P22.6 billion from P35.9 billion a year ago on lower coal shipments and selling prices.
“The third quarter is always a slow period for us in terms of production and demand because of the rainy season. Last year was an outlier because of high index prices,” said SMPC president and chief operating officer Maria Cristina Gotianun. The average selling price of Semirara coal declined 23 percent from January to September to P4,042 per metric ton from P5,224 per MT on stabilizing index prices.
SMPC said nine-month coal production decreased by 14 percent from a record 13.7 million metric tons last year to 11.8 MMT this year on higher stripping activities in Molave and Narra mines.Meanwhile, the power segment recorded its best overall plant performance over the nine-month period as plant availability improved 31 percent from 62 percent to 81 percent.
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