From April to June, the average prices of coal indexes Newcastle and Indonesian fell by 16 percent. The average selling price of electricity also decreased by 10 percent due to lower spot market prices and fuel costs.
SMPC’s net income for the first half of the year dropped by 34 percent from P19.2 billion to P12.6 billion, impacted by lower selling prices and higher production costs.
“Despite our efforts to manage costs and improve operational efficiencies, the persistent decline in global coal and electricity prices has significantly impacted our financial performance,” said Maria Cristina C. Gotianun, the president and chief operating officer of SMPC, which is part of the family’s DMCI Holdings.
