On a late October morning, Semirara Mining and Power, the energy company led by the Consunji family, told the Philippine Stock Exchange that its third-quarter earnings had climbed sixty-six percent. The gain did not come from the mines that once defined it but from electricity, whose prices surged as demand outran supply across the Luzon and Visayas grid. It is a quiet reminder of how an enterprise's fortunes can drift from the earth it was built on toward the current that flows through its wires, and of how a single season's windfall can conceal a deeper question about what the company will b
Semirara's Q3 Profit Jumps 66% as Record Power Earnings Offset Coal Slump
Workforce redundancy program targets mine site support, technical, and operational staff deemed oversized after pit consolidation.
A company increasingly carried by electricity rather than coal
Mark
Profit is up 66 percent, yet the coal business lost money and the company is cutting jobs. How do those fit together?
Mimi
Power did the heavy lifting. The power unit earned ₱1.94 billion, a third-quarter record, while coal showed a ₱110 million net loss contribution after intercompany eliminations.
Mark
What drove the power result?
Mimi
Mostly prices. Spot electricity in the Luzon-Visayas grid averaged ₱6.50 per kilowatt-hour, up 85 percent, and generation rose three percent to 1,480 gigawatt-hours.
Luke
Worth noting that the price spike is the larger lever. A three percent volume gain is modest, so the record leans heavily on a market price the company doesn't control.
Mark
And the noncash side?
Mimi
Depreciation and amortization fell 39 percent to ₱1.29 billion, after plant asset lives were reassessed and coal shipments dropped. That flatters the bottom line without any new cash coming in.
Luke
Right, and the report doesn't say how much of the profit jump comes from that accounting change versus operations. That split isn't given.
Mark
What about the redundancies?
Mimi
The board approved a program aimed at mine support, technical services and operational departments made oversized by pit consolidation. The company says extraction and environmental compliance won't be affected.
Luke
That's the company's own assurance. We don't know how many jobs, on what timeline, or whether the Acacia seepage issue is tied to the consolidation.
The Pulse
- Quarterly net income jumped to ₱2.44 billion as power profits roared past a faltering coal business.
- Spot electricity prices spiked 85 percent to ₱6.50 per kilowatt-hour, pushing the power unit to its best third-quarter result on record.
- Coal shipments fell 25 percent and export sales plunged 75 percent, with water seepage at the Acacia mine choking output.
- The board has approved a workforce redundancy program aimed at support, technical, and operational staff after pit consolidation.
- Power now supplies roughly 78 percent of group earnings, and the company's direction hangs on whether the seepage is fixed and high prices hold.
On a late October morning, Semirara Mining and Power, the energy company led by the Consunji family, told the Philippine Stock Exchange that its third-quarter earnings had climbed sixty-six percent. The gain did not come from the mines that once defined it but from electricity, whose prices surged as demand outran supply across the Luzon and Visayas grid. It is a quiet reminder of how an enterprise's fortunes can drift from the earth it was built on toward the current that flows through its wires, and of how a single season's windfall can conceal a deeper question about what the company will become.
Semirara Mining and Power Corp., the Consunji-led energy company, reported to the Philippine Stock Exchange that its third-quarter net income climbed 66 percent to ₱2.44 billion, up from ₱1.48 billion a year earlier. The quarter's strength came almost entirely from electricity, which carried the group past a coal business that struggled badly.
The power unit earned ₱1.94 billion, its strongest third quarter on record. Spot prices in the Luzon-Visayas grid rose 85 percent to ₱6.50 per kilowatt-hour as demand outpaced supply, and better plant availability at Southwest Luzon Power Generation Corp. helped output grow. Lower depreciation, which the company tied to revised asset lives, added further support.
Coal told a different story. Shipments fell 25 percent to 2.7 million metric tons, and export sales dropped 75 percent after water seepage at the Acacia mine and weaker demand for the company's coal grades. The segment posted a ₱110 million loss where it had earned ₱187 million a year before.
Alongside the results, the board approved a workforce redundancy program targeting mine site support, technical, and operational roles that have become oversized since pit consolidation. The company says extraction and environmental compliance will be unaffected, and it has not disclosed how many positions are involved.
The quarter marks a company increasingly carried by power rather than coal. What comes next depends on whether the Acacia seepage is resolved, whether exports recover, and whether spot prices stay high enough to keep electricity supplying most of the group's earnings.
Semirara Mining and Power Corp., the Consunji-led energy company, told the Philippine Stock Exchange that its third-quarter net income climbed 66 percent to ₱2.44 billion, up from ₱1.48 billion a year earlier. The gain came from its power business, which more than made up for a poor showing in coal.
The power unit posted ₱1.94 billion in net income for the quarter, its highest third-quarter result on record and a 65 percent increase from ₱1.18 billion in the same period of 2025. Total revenues rose six percent to ₱12.64 billion from ₱11.93 billion, supported by stronger electricity sales and higher spot market prices. Earnings per share came to ₱0.57, compared with ₱0.35 a year before.
The spot market was a major driver. Average spot electricity prices in the Luzon-Visayas grid rose 85 percent during the quarter to ₱6.50 per kilowatt-hour, as demand for energy outpaced growth in supply. Gross generation grew three percent to 1,480 gigawatt-hours, helped by better plant availability at Southwest Luzon Power Generation Corp., the operating unit.
Over the first nine months of 2026, reported net income rose 11 percent to ₱11.02 billion. Power generation supplied roughly 78 percent of group earnings in that period, up from 57 percent last year, as coal's contribution shrank because of lower export volumes and mining constraints.
Lower noncash charges also helped the quarter. Depreciation and amortization fell 39 percent to ₱1.29 billion, which the company linked to reassessments of plant asset lives and to reduced coal shipments.
The coal segment, by contrast, struggled. Its standalone result, after intercompany eliminations, was a net loss contribution of ₱110 million, against a profit of ₱187 million a year ago. Total coal shipments fell 25 percent to 2.7 million metric tons. Export sales dropped 75 percent, a decline attributed to water seepage problems at the Acacia mine and weaker regional demand for the coal grades the company has available.
In a separate announcement, Semirara said its board of directors approved a workforce redundancy program. It targets mine site support, technical services, and operational departments that have become oversized because of pit consolidation. The company said the right-sizing will not affect extraction operations or environmental compliance. It did not give a headcount in the material reported here.
The quarter shows a company increasingly carried by electricity rather than coal. What to watch is whether the Acacia seepage problem is resolved and export volumes recover, and whether spot prices stay high enough for power to keep supplying most of the group's earnings.
Notable Quotes
The right-sizing will not impact extraction operations or environmental compliance.— Semirara Mining and Power Corp. (paraphrased from disclosure)
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