Diesel power plants boost Alsons income by 41%

Strong diesel power operations fueled the jump in the first-half net income of Alsons Consolidated Resources, Inc. (ACR).

Alcantara-led ACR reported that Its net income attributable to the parent grew 41 percent to P218.9 million in the first-half of 2015 from P155.5 million in the first-half of 2014. Earnings per share reached P0.035 in 2015 from P0.025 in the same period last year.

Consolidated net income grew 34 percent to P484 million in 2015 as against P361 million in 2014.

ACR’s revenue reached P2.5 billion—identical to the company’s revenue for the same period in 2014.

The company said its three operating diesel power plants in Mindanao continue to be the main revenue drivers. The three diesel plants sold 12 percent more electricity during the period from 633 gigawatt-hours (GWh) in 2014 to 709 GWh in 2015 triggered by the continuous shortage of power in Mindanao.

The company also announced the recent approval by the Securities and Exchange Commission (SEC) of ACR’s declaration of wholly owned subsidiary ACR Mining Corporation (ACRMC) as a property dividend.

Under the property dividend, shareholders of ACR as of the projected record date will receive shares in ACRMC.

ACRMC currently has rights to a 75 percent participating interest in a joint venture to develop a mining project covering 1,547.32 hectares in Nabunturan, Davao del Norte and Maco, Compostela Valley.

The parent firm, ACR, said that actual distribution of the ACRMC shares can be made only after obtaining clearances and approvals from other regulatory agencies. The date for the distribution of ACRMC shares will be announced soon after the appropriate clearances are secured.

ACR’s currently-operating power generation facilities are: The 103 megawatt (MW) diesel power plant of the Mapalad Power Corp. in Iligan City; the Southern Philippines Power Corp.’s 55 MW power plant in Alabel, Sarangani; and the 100 MW Western Mindanao Power Corp. plant in Zamboanga City.