The astronomical rise in coal prices in the world market has driven the net income of vertically integrated energy firm Semirara Mining and Power Corporation to grow 244 percent in the nine-month period this year to P10.3 billion from P3 billion in the same period last year.
SMPC qualified that “the triple-digit growth was mainly attributable to the 38-percent rise in average selling prices and 51-percent upturn in sales volume of coal.” “Global coal prices are seeing a dramatic spike this year due to severe demand and supply imbalances owing to China’s ban on Australian coal, strong rebound in economic activities and low stockpiles,” SMPC stressed.
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