Semirara Mining and Power Corp. on Thursday reported an 8% decline in its third quarter earnings, dragged by the lower contribution from its coal segment amid stabilizing market indices during the period.SMPC said its third quarter earnings dropped to P3.1 billion from P3.4 billion amid the decline in prices — the Newcastle Index down 5% to $140.3 from $147.8, and the Indonesian Coal Index down 1% to $51.7 from $52.0.The average selling price of electricity fell slightly to P4.
“Our third quarter results also reflect the seasonal impact of the rainy season on coal shipments and electricity prices, both of which we were able to partially offset through focused cost management and operational efficiency initiatives,” she added.This brought the year-to-date net income to P15.71 billion, down 31% from P22.62 billion in the same period in 2023, also on softer selling prices and higher total cash and non-cash costs due to the increased coal and power sales volume.