Consunji-led Semirara Mining and Power Corporation (SMPC) reported a 64% drop in consolidated net income to Php3 billion in the first nine months of 2020 from Php8.2 billion year-on-year.
In a disclosure to the Philippine Stock Exchange, SMPC reported it registered a net income of only Php750 million for the third quarter of this year, down 71% from the Php2.58 billion it had in the same quarter in 2019.
Coal sales stood at 8.4 million MT in the first nine months of the year, a 30% drop from 12.1 million MT year-on-year. Effective composite average coal price also went down by 20% year-on-year from Php2,133 per MT in 2019 to Php1,712 per MT this year.
In the power segment, the 2×150 megawatt (MW) power plant under the Southwest Luzon Power Generation Corporation (SLPGC) booked an additional contracted capacity of 150 MW bringing its contracted capacity to 221 MW.
Net energy generation dropped by 35% year-on-year to 864 GWh from 1,339 GWh in 2019.
Total energy sold went down by 23% year-on-year to 1,045 GWh from 1,357 GWh in 2019. Composite average price was at Php2.79/kilowatt hour (kWh) in 2020 from P4.15/kWh in same period last year.
On the other hand, Sem-Calaca Power Corporation was hit by higher exposure to the Wholesale Electricity Spot Market with 32% contracted capacity or 170 MW. Higher energy generation in the third quarter was achieved with two units operational after the completion of Unit 2 of its life extension program. The excess energy was sold to the spot market.
Core profits of the coal segment declined by 57% year-on-year to Php3 billion. Meanwhile, SLPGC’s core profits went down by 111% year-on-year to negative Php230 million from Php2.08 billion in 2019.
The Department of Energy recently announced a moratorium on the construction of new coal-fired power plants. SMPC said that this won’t affect its projects.