Semirara Mining and Power's (PSE:SCC) net income for the fourth quarter of 2024 dropped 26% year on year to 3.9 billion Philippine pesos from 5.3 billion pesos.

The company attributed the decline to weaker contribution from the coal segment. The power segment, however, remained relatively stable, according to a Monday Philippine bourse filing.

For 2024, net income plunged 30% annually to 19.6 billion pesos in 2024 from 27.9 billion pesos a year earlier.

The integrated energy company's coal shipments reached a record 16.5 million metric tons (MMT) for the year. Coal production hit 16 MMT for the third straight year, while gross power generation totaled 5,358 gigawatt-hour, it said.