SEMIRARA Mining and Power Corp. reported a net income of P11.02 billion in the first nine months this year, up from P9.89 billion in 2025, as higher power earnings more than offset a lower contribution from its coal business.
Revenues rose to P46.66 billion from P43.26 billion, supported by higher coal and electricity selling prices despite lower sales volumes.
Capital expenditures fell to P1.10 billion from P5.30 billion, mainly because the coal segment had no major equipment replacement program during the period. Power accounted for P700 million of spending and coal for P400 million.
The company expects full-year capital expenditures of about P1.70 billion, with 76 percent allocated to power.
In the third quarter, coal revenues declined to P7.61 billion from P8.04 billion as lower shipments outweighed higher prices. The average selling price climbed to P2,749 per metric ton from P2,249, tracking stronger international benchmarks.
Coal production dropped to 3.6 million metric tons from 3.8 million tons due to activities to remove earth and rock covering coal deposits at the mature Narra mine and limited operations at the Acacia mine.
Production at Acacia was restricted to areas where water seepage was controlled.
Shipments lessened to 2.7 million tons from 3.6 million tons as export sales weakened amid softer demand for available lower-grade coal and a mismatch between its quality and buyers’ requirements.
Power revenues jumped to P7.29 billion from P5.54 billion in Q3, driven by higher selling prices and sales volumes.
Gross generation rose to 1,480 gigawatt-hours from 1,442 GWh. Higher output from Southwest Luzon Power Generation Corp. more than offset a decline at SEM-Calaca Power Corp.
Average electricity selling price increased to P5.27 per kilowatt-hour from P4.17 as stronger spot market prices outweighed lower prices under bilateral contracts.
Semirara expects international coal prices to remain sensitive to liquefied natural gas availability, weather conditions, and the recovery of coal supplies.
It said a weaker peso could raise imported fuel costs, while El Niño could increase electricity demand and reduce hydropower output. Continued domestic coal production could help cushion the country against overseas supply disruptions.
For electricity, the company forecasts average spot prices of P5.77 per kWh this year up from P3.73 in 2025, before easing to P4.82 in 2027 as new generation and battery storage capacity enters the market.
However, geopolitical conflicts, peso depreciation, El Niño, and delays in new power plants could push prices higher.
Semirara said it would balance contracted electricity sales with spot market exposure while expanding its retail electricity supply contracts to broaden its customer base and stabilize sales.
Its shares closed at P10.74 each on Friday, up eight centavos.
