Semirara Mining and Power Corp. (SMPC) reported a 37 percent drop in net income to P9.9 billion for the first nine months of 2025, down from P15.7 billion in the same period last year, citing lower coal and electricity prices despite record-high production and sales.
Consolidated revenue also fell 9.9 percent to P48.4 billion from P53.7 billion. SMPC’s total coal shipments rose 5 percent to 12.9 million metric tons, while coal production jumped 15 percent to 15.1 million metric tons, driven by improved access at the Narra coal mine. However, the average selling price of coal dropped 19 percent to P2,325 per metric ton.
Power sales grew 12 percent to a record 4,186 gigawatt hours, but electricity prices fell 10 percent to P4.46 per kilowatt hour.
“This has been a more difficult year operationally, but we continue to adapt… Our priority is to strengthen reliability, manage costs, and preserve our financial flexibility,” said SMPC president Maria Cristina Gotianun.
SMPC remains the country’s only vertically integrated power producer that mines its own fuel source.
