Semirara Mining and Power [SCC 33.20 ?1.5%; 123% avgVol] [link] reported a Q2 net income of P6.05 billion, down 40.6% y/y from its Q2/23 net income of P10.2 billion. SCC has reported P12.6 billion in net income through the first two quarters of FY24, down 34.5% y/y. The company blamed the dramatic fall in year-on-year profitability on coal and electricity prices that “continue to subside from historic levels.” On the coal side of SCC’s business, the company reported that the price of coal declined 16% during Q2 of this year, but that it actually increased its shipments by 2% due to stronger demand.