ALSONS Consolidated Resources, Inc. (Alsons) said its first-quarter net earnings reached P310 million, up nearly three times last year’s level, as revenues jumped with the full operation of its Sarangani power plant in Mindanao.

The Alcantaras’ listed holding company told the stock exchange on Thursday its total revenues rose to P2.21 billion during the three-month period, 81.1% higher compared with the P1.22 billion posted in the same quarter last year.

The higher revenue was a result of its 210 megawatts (MW) Sarangani Energy Corp. coal-fired baseload power plant operating at full capacity after its second unit went online in October last year.

Aside from the Sarangani Energy plant, other Alsons power facilities also operated during the quarantine period from mid-March to May.

“Our operations are ongoing and we continue to dispatch power to our various customers in Mindanao,” Alsons Executive Vice President Tirso G. Santillan, Jr. was quoted as saying.

Further, net earnings attributable to parent also went up to P55 million from P6 million in the same quarter a year ago.

Alsons operate four power generators with a total capacity of 468 MW serving 8 million households.

Both its P4.5-billion run-of-river hydroelectric power plant in Sarangani province and the 105-MW San Ramon Power, Inc. baseload coal-fired power plant in Zamboanga City are under construction and are set for commercial operations in 2022 and 2023, respectively.

Alsons is also engaged in property development. It is currently developing a 26-hectare mixed-use township project with Ayala Land, Inc. in Davao City.

On Thursday, shares in the company jumped by 12.09% to close at P1.02 each. — A. J. Ang