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Alsons unit reports 1.2% increase in 1st quarter net income

Alsons Consolidated Resources Inc. (ACR) saw a 1.2-percent growth in first-quarter consolidated net income at P104.4 million this year.

ACR said in a statement the three-month net income increased modestly from P103.1 million in the same period
last year.

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However, revenues fell by 27 percent to P1.22 billion in 2019 from P1.67 billion in 2018.

“The Sarangani Energy Corp. (SEC) baseload coal-fired power plant in Maasim, Sarangani, remains to be the key driver of revenue and income for ACR,” the company said in a statement.

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The first of SEC’s two generators, with a capacity of up to 105 megawatts, began operations in April 2016 and is delivering power to consumers in the General Santos-Sarangani area and other parts of Mindanao.

The second unit is currently in the commissioning stage
and is targeting to start commercial operations in the second half of 2019.

Other projects in ACR’s pipeline include the P4.25-billion 14.5-MW run-of-river hydroelectric power project at the Siguil River basin also in Maasim. This is ACR’s initial entry in the renewable energy business.

There is also the 105-MW coal-fired power plant of San Ramon Power Inc. in Zamboanga City.

Also, ACR also has three bunker diesel plants—the 103-MW plant of Mapalad Power Corp. in Iligan City, the 55-MW plant of Southern Philippines Power Corp. in Alabel, Sarangani, and the 100-MW plant of Western Mindanao Power Corp. in Zamboanga City.

Apart from power generation, ACR is also engaged in property development. The company is in partnership with Ayala Land Inc. in the development of Azuela Cove, a 27-hectare township project in Davao City.

The first two Ayala Land Premier towers are currently under construction with initial turnover expected in the first quarter of 2023.

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TAGS: Alsons Consolidated Resources Inc. (ACR), net income, revenues
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