SEMIRARA Mining and Power Corp. (SMPC) on Thursday reported a 12-percent decline in net income for the first quarter of 2026, attributed to lower electricity generation and reduced coal shipments.
In a disclosure, the company said net income had fallen to P3.8 billion from P4.4 billion a year earlier despite increased coal output.
Semirara said coal production rose four percent to 5.9 million metric tons (MMT) from 5.7 MMT, supported by improved access to coal seams at the Narra mine, said to be nearing depletion this year.
This was offset, however, by a four-percent drop in total coal shipments to 4.5 MMT from 4.7 MMT, with a higher share of lower-grade coal shipped out in the first three months.
The average selling price for Semirara coal remained flat at P2,479 per MT from P2,481 a year ago, whereas the Newcastle coal index rose 13 percent while the Indonesian Coal Index 4 increased 6 percent.
On the power generation side, total electricity sales dropped 22 percent to 1,120 gigawatt-hours (GWh) from 1,427 GWh, reflecting weaker plant performance.
Power sales came mostly from contracted volumes, which accounted for 61 percent of total electricity sold, while the balance was dispatched to the spot market.
Semirara said the average selling price for electricity rose three percent to P4.54 per kilowatt-hour (kWh) from P4.42/kWh, while spot electricity prices in the Luzon-Visayas grid declined 5 percent to P3.45/kWh amid softer demand at the Wholesale Electricity Spot Market.
As of end-March, Semirara said 49 percent of its 860-megawatt dependable capacity was contracted, leaving 363.3 MW available for spot market sales.
The company’s shares dropped P1.35, or 4.94 percent, to close at P26.00 each on Thursday.
NAZYLEN JOY MABANGLO
