The second-quarter income of Alsons Consolidated Resources, Inc. (ACR) soared to P1.08 billion, increasing by almost nine times from P188.72 million in the same period last year, as its power plants continuously ran amid lockdowns in Mindanao.
This increase boosted the Alcantara-led power firm’s total net profit in the first six months of the year to P1.39 billion from P293.08 million previously.
Its topline in the April-June period rose to P3.07 billion, lifting its first-half revenues to P5.28 billion. The company attributed the growth to its 210-megawatt (MW) Sarangani Energy Corp.
(SEC) coal-fired baseload plant, which started running at full capacity upon the entry of its second unit in October.
“We expect higher revenues and profit margins from the full commercial operations of the Sarangani Energy plant,” ACR Deputy Chief Financial Officer Philip Edward B. Sagun said in a stock exchange disclosure on Friday.
“We will also reap the benefits of lower operating costs as we continue to maintain cost efficiency measures,” he added.
With such growth, Alsons remain “cautiously optimistic” on its financial performance for the rest of the year.
On Friday, shares in ACR expanded by 3.25% to close at P1.27 each. — Adam J. Ang