Semirara Mining and Power Corp. (SMPC) reported a 12% drop in net income for the first quarter of 2026, as declines in both coal shipments and electricity generation weighed on earnings.
The company posted a net profit of P3.8 billion for the January-to-March period, down from P4.4 billion in the same quarter last year.
Total coal shipments slipped 4% to 4.5 million metric tons (MMT) from 4.7 MMT, driven largely by weaker export volumes.
Meanwhile, power sales fell sharply by 22% to 1,120 gigawatt-hours (GWh) from 1,427 GWh, reflecting lower output from its generation facilities.
SMPC, one of the Philippines' largest coal producers and power generators, attributed the weaker performance to challenging market conditions in both its mining and energy segments.