Alsons Consolidated nets P270.9 M in 1st half

MANILA, Philippines — Alsons Consolidated Resources Inc. of the Alcantara Group posted a 66 percent growth in its net income  to P270.9 million in the first half of the year on the back of higher energy earnings.

Revenues likewise rose by 12 percent in the first six months to P1.67 billion from P1.49 billion in the same period last year, the company reported in a disclosure to the Philippine Stock Exchange on Thursday.

According to Alsons Consolidated, its power generation and power plant management subsidiaries were the biggest contributors to the company’s revenue growth.

Energy fees earned by the company’s  diesel power facilities in Mindanao went up 13 percent in the first half of 2013 to P1.18 billion from the P1.05 billion recorded in the same period last year.

Alsons Consolidated operates power generation facilities through its subsidiaries namely, the Southern Philippines Power Corp.’s (SPPC) 55-megawatt plant in Alabel, Sarangani; Western Mindanao Power Corp.’s (WMPC) 100-MW facility in Zamboanga City; and Mapalad Power Corp.’s Iligan diesel plant, which began operating in the first half of 2013.

The Iligan plant is currently generating 76 MW and will reach its full 98 MW capacity by the end of September 2013. All three power facilities have helped lessen the severity of the power shortage in Mindanao, the company said.

Apart from the diesel power plants, ACR is also developing two coal-fired facilities to help provide a stable source of base load power for Mindanao and ensure long-term power security for the island.

These proposed facilities include the 105-MW coal plant in Zamboanga City by San Ramon Power Inc. (SRPI); the 210-MW coal facility in Maasim, Sarangani by Sarangani Energy Corp. (SEC).

The first phase of the SEC plant, which will allow it to generate 105 MW, is currently under construction and is expected to begin commercial operations by 2015.

Lima Technology Center in Malvar, Batangas, an industrial estate joint venture with Japan’s Marubeni Corp., is Alsons’ second largest contributor to total revenues with power and water utility sales increasing by 16 percent to P452 million in the first half of 2013 from P390 million a year ago.

Meanwhile, Alsons also reported that it completed the purchase of Thailand-based Electricity Generating Public Co.’s 40 percent ownership in Conal Holdings Corp. on August 1. Conal Holdings is another power generation subsidiary of Alsons.