SEMIRARA Mining and Power Corp. on Wednesday said net income dropped 33 percent to P13.060 billion in 2025, from P19.630 billion a year earlier, mainly due to lower coal and electricity prices.
In a statement, the company said earnings were also weighed down by lower shipments, higher production costs and an equity net loss from a cement associate.
Revenues shrank 20 percent to P52.23 billion from P65.19 billion due to the impact of lower average coal and power prices and reduced coal sales volumes.
“Prices were softer this year, but our operations still delivered record coal production and electricity sales,” Semirara President Cristina Gotianun said.
“We’re also working to broaden our markets while keeping our mines and power plants running well.”
Semirara said coal output rose 24 percent to 19.9 million metric tons (MMT) from 16 MMT following improved access to coal seams at the Narra mine and approval of an environmental compliance certificate (ECC) for a 20 MMT annual capacity in May.
Despite initial shipments to Indonesia last year, total volume shipments still shrank 7 percent to 15.4 MMT due to softer demand for slower-heating coal.
The average selling price for Semirara coal fell 19 percent to P2,302 per metric ton from P2,853 per MT previously.
In the power segment, total sales reached 5,296 gigawatt-hours (GWh), up 7 percent, while gross power generation rose 6 percent to 5,695 GWh.
The average electricity selling price fell 8 percent to P4.38 per kilowatt-hour (kWh) from P4.75 per kWh amid wider supply margins at the Wholesale Electricity Spot Market.
Capital expenditures (capex) rose slightly to P5.90 billion from P5.30 billion and went to coal re-fleeting initiatives and the acquisition of mining and support equipment.
Capex is expected to fall to around P1.90 billion this year.
Semirara projected that coal prices could average around $114 per metric ton for the Newcastle Index and $48 per metric ton for the Indonesian Coal Index 4.
It also forecast slightly lower electricity spot prices of around P3.67 per KWh and noted that more than 4,200 MW of solar and other renewable energy projects, along with around 350 MW of new baseload capacity, were expected to come online in 2026.
The company expects further uncertainty in global fuel markets amid continued geopolitical conflict in the Middle East.
Semirara Mining shares were unchanged at P28.40 apiece on Wednesday.