Semirara Q1 earnings down 28% on lower coal prices

MANILA, Philippines — Lower coal prices weighed down on the earnings of the Consunji family’s Semirara Mining and Power Corp. in the three months ending March. Semirara Mining, in a disclosure on Monday, reported a net income of P6.54 billion in the first quarter of 2024, down by 28 percent from P9.03 billion in the same period a year ago. Overall revenues decreased by 11 percent to P18.43 billion, but the integrated energy firm’s cost of sales climbed by almost 35 percent to P8.6 billion. “While we faced some pricing challenges this quarter, our robust export sales and improved plant […]…

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