Semirara Mining and Power Corp. (SMPC), led by tycoon Isidro Consunji, saw its earnings in the first nine months decline by 37 percent on weaker energy prices.
In a disclosure Monday, the firm said its core net income fell to P9.89 billion from P15.7 billion recorded a year earlier.
Its power business accounted for 57 percent of SMPC’s profit in the period, with coal operations providing the remaining 43 percent.
‘[This was] mainly due to the continued normalization of coal and spot electricity prices, higher noncash costs, and the equity net loss from its cement associate,’ it said.
Higher production and better plant performance also failed to lift its revenues weighed down by lower prices. The group said its topline posted a 13-percent drop, reaching P43.26 billion from P49.67 billion.