Semirara Mining and Power's (PSE:SCC) net income for the first quarter dropped 33% annually to 4.4 billion Philippine pesos from 6.5 billion pesos.
The company attributed the decline to softer contribution from the energy market. The power generation and coal production segment, however, remained relatively stable, according to a Friday Philippine bourse filing.
The integrated energy company's total coal production rose by 16%, to 5.7 million metric tons (MMT) from 4.9 MMT. Meanwhile, total gross generation increased by 9%, it said.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.