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.
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