Semirara Mining and Power Corp. said Monday its net income fell 28 percent in the first quarter of 2024 to P6.5 billion from P9 billion a year earlier due to weaker market prices which muted the impact of higher coal shipments and energy sales volume.
The Newcastle index plunged 49 percent from an average of $247.8 to $126, while the Indonesian Coal Index 4 retreated 25 percent from an average of $76.5 to $57.2. She said a 12-MW wind farm on Semirara Island would commence operation in the first quarter of 2025, and SMPC anticipates annual savings of P200 million by sourcing energy from this facility, which would also help reduce emissions.
SMPC’s coal sales jumped 37 percent from 3.5 million metric tons in the first quarter to 4.8 MMT largely driven by exports which accelerated 78 percent from 1.5 MMT to 2.7 MMT.