Semirara's Jan-Sept income drops 9% as coal prices fall

By Nica Tomines, ABS-CBN News North Central Luzon

Posted at Oct 31 2012 11:38 AM | Updated as of Oct 31 2012 07:39 PM

MANILA, Philippines - Consunji-led Semirara Mining Corp. booked lower net income in the nine months to September versus a year ago due to lower selling prices of coal and energy.

The firm's net income amounted to P4.71 billion, 9% below the P5.20 billion booked last year.

Semirara's coal business contributed P3.21 billion to the profits while its power unit accounted for the remaining P1.5 billion.

The company pointed out an 11% decline in the volume of coal sold and the low prices of the product resulted in an annual 22% fall in coal revenues during the period.

Meanwhile, energy sold went down by 3% year on year, and the average selling price per kilowatt hour also slid by an annual 15%.