Semirara income down 66% to ₱3.3 B

The consolidated net income after tax (NIAT) of Consunjiled Semirara Mining and Power Corporation (SMPC) nosedived 66-percent to ₱3.3 billion last year from a robust bottom line outcome of ₱9.6 billion in 2019.

The company attributed the significant income decline to lower energy sales as well as on sharp demand contraction for coal because of the impact of the Covid-19 pandemic and import quotas imposed by China.

SMPC similarly reported that its revenues went down by 36.2 percent to ₱23.3 billion in 2020 versus a heftier ₱44.3 billion in the prior year.

On the coal segment of its business, SMPC logged substantial income reduction of 71 percent to ₱1.8 billion last year from a record profit of ₱6.21 billion in 2019.

The Consunji firm said there was 16-percent downtrend on its sales to 13.1 million metric tons (MMT) from 15.6 MMT in 2019 due to weaker global demand precipitated by the niggling health crisis.

SMPC further cited the lower selling price for coal commodity last year, which dropped by 23 percent to 1,591 per metric ton from the previous year’s ₱2,074 per MT.

Additionally, the company indicated that overall export sales had decelerated by 27 percent to 7.6MMT from the year-ago level of 10.4MMT. Conversely, demand growth pivoted to the domestic market, which posted an increase of 5.0 percent to 5.5MMT from 5.2MMT in 2019.

On the company’s power generating assets, income from its Sem-Calaca Power Corporation (SCPC) subsidiary inched up by a colossal 2,083 percent to ₱1.31 billion in 2020 from a very dismal earnings of ₱6.0 million the year before.