Semirara Mining and Power Corp. (SMPC) reported a net income of P4.4 billion in the first quarter of 2025, a 33-percent decline from P6.5 billion a year ago, amid the continued normalization of coal selling prices, cushioned by improved operating performance of the power segment.
“We navigated the softer energy market through improved power generation and coal production, strengthened contracting strategies, and disciplined cost management. These fundamentals will continue to guide us in an increasingly dynamic energy landscape,” said SMPC president, chief operating officer and chief sustainability officer Maria Cristina Gotianun.
SMPC’s revenues contracted by 10 percent to P16.51 billion from P18.43 billion , primarily due to lower coal selling prices and shipments.
Coal revenues fell 18 percent to P11.77 billion from P14.30 billion on weaker selling prices, lower quality sold and a slight decline in shipments despite higher coal production.
Total coal production rose 16 percent to 5.7 million metric tons (MMT) from 4.9 MMT, driven by improved access to seams in the Narra mine, following continuous pre-stripping activities in 2024.
Total shipments dipped 2 percent to 4.7 MMT from 4.8 MMT on lower domestic sales, while foreign shipments remained steady at 2.7 MMT, supported by additional shipments to China, Brunei and Vietnam.
SMPC said the Asian coal market weakened in the first quarter due to a combination of oversupply, muted demand from major importers and uncertainty over global trade policies.
China’s preference for domestic coal led to lower import volumes, contributing to price declines across key benchmarks.
“Looking ahead, while demand remains subdued across China, India, and South Korea, coal prices are showing signs of stabilizing. Supported by firmer demand from markets like Vietnam and relative resilience versus global equities, management expects prices to consolidate around $$106.6 for NEWC and $48.1 for ICI4 in the near term,” the company said.
