Semirara Q1 profit: P6.5-B (down 28%)
Semirara Mining and Power [SCC 32.10, down 2.0%; 74% avgVol] [link] posted a Q1 net income of P6.5 billion, down 27.6% y/y from its Q1/23 net income of P9.0 billion, and up 23% q/q from its Q4/23 net income of P5.3 billion. SCC attributed the lower y/y performance to a combination of higher coal-related expenses and lower market prices for electricity and coal. Revenues were down 11% due to the lower selling prices, despite “increased coal and electricity sales volumes”. Coal shipments were up 37% y/y to 4.8 million metric tons, but the average selling price dropped 33% from P4,427/ton to P2,978/ton. The power segment revenues fell 25% y/y due to a 28% drop in the average selling price of electricity.
