ALSONS Consolidated Resources, Inc. (ACR) posted a first-quarter net income attributable to the parent firm of P6.11 million, reversing losses of P19.74 million in the same period last year despite a decline in its revenues during the period.
In a disclosure to the stock exchange, the Alcantara family’s publicly listed holding firm reported a consolidated net income of P104.36 million, up 1.2% from the P103.14 million a year ago, with its newest power plant driving the “modest increase.”
Revenues during the period slipped by 26.9% to P1.22 billion from P1.67 billion a year ago.
“The Sarangani Energy Corp. (SEC) baseload coal-fired power plant in Maasim, Sarangani Province remains to be the key driver of revenue and income for ACR. The SEC plant’s first section with a capacity of up to 105 megawatts (MW) began operating in April 2016 and currently delivers power to more than three million people in the General Santos-Sarangani area and other parts of Mindanao,” ACR said.
“The plant’s second section is currently in the commissioning stage and is targeting to start commercial operations in the second half of 2019. SEC 2 is set to contribute another 105 MW of baseload power to benefit an additional three million people in various parts of Mindanao when it begins operating later this year,” it added.
Aside from the Sarangani plant’s unit 2, ACR’s other projects in the pipeline include the P4.25-billion 14.5-MW run-of-river hydroelectric power project at the Siguil River basin in Maasim, Sarangani, and the 105-MW San Ramon Power, Inc. baseload coal-fired power plant in Zamboanga City.
The Siguil small hydropower project is ACR’s initial entry in renewable energy development. It is in the advanced stages of engineering and design. Civil works are set to begin in the second half, on track to start operations in 2021.
On Tuesday, shares in ACR rose by 1.46% to close at P1.39 each. — Victor V. Saulon