Semirara net income falls from January to September | ABS-CBN
ADVERTISEMENT
Welcome, Kapamilya! We use cookies to improve your browsing experience. Continuing to use this site means you agree to our use of cookies. Tell me more!
Semirara net income falls from January to September
Semirara net income falls from January to September
MANILA -- Semirara Mining and Power Corporation on Wednesday said its net income fell from January to September this year.
MANILA -- Semirara Mining and Power Corporation on Wednesday said its net income fell from January to September this year.
In a statement, the company said net income fell 31 percent to P15.71 billion, from P22.62 billion the year before, because of softer selling prices and higher cash and noncash costs.
In a statement, the company said net income fell 31 percent to P15.71 billion, from P22.62 billion the year before, because of softer selling prices and higher cash and noncash costs.
In the third quarter alone, Semirara said net income decreased by 8 percent to P3.1 billion, from P3.4 billion in the same period last year, because of reduced contribution from the coal segment amid stabilizing market indices.
In the third quarter alone, Semirara said net income decreased by 8 percent to P3.1 billion, from P3.4 billion in the same period last year, because of reduced contribution from the coal segment amid stabilizing market indices.
Semirara said the rainy season is taking a toll on both coal shipments and energy prices, but noted that it was able to partially offset these through cost management and becoming more efficient.
Semirara said the rainy season is taking a toll on both coal shipments and energy prices, but noted that it was able to partially offset these through cost management and becoming more efficient.
ADVERTISEMENT
Semirara said average selling prices of electricity was steady at P4.80 per kilowatt-hour, but coal average selling prices dipped by 15 percent , driven by normalizing coal indices and more shipments of lower-grade coal.
Semirara said average selling prices of electricity was steady at P4.80 per kilowatt-hour, but coal average selling prices dipped by 15 percent , driven by normalizing coal indices and more shipments of lower-grade coal.
Semirara's net income also fell by 28 percent to P6.5 billion in the first quarter of 2024.
Semirara's net income also fell by 28 percent to P6.5 billion in the first quarter of 2024.
RELATED STORY:
ADVERTISEMENT
ADVERTISEMENT
