Listed firm Alsons Consolidated Resources Inc. (ACR) posted a 58-percent hike in net income to P402.4 million in the first nine months, from P254.2 million in the same period last year.
In a disclosure to the Philippine Stock Exchange, the Alcantara-led company said that gross revenues in the January-September period reached P2.08 billion, a 4-percent improvement from the previous year’s P2 billion.
Considering these results, ACR chairman Tomas Alcantara projected the company’s full-year net income to reach P482.9 million, 27.8 percent better than last year’s P377.8 million.
He attributed the hike in the company’s revenues and profits in the first three quarters to the higher sales posted by Lima Utilities Corp. and Lima Water Corp., which supply water and electricity to locators at ACR’s Lima Technology Center in Batangas.
Lima Utilities and Lima Water saw revenues grow by P101 million during the period.
Revenues of ACR power subsidiaries Western Mindanao Power Corp. (WMPC) and Southern Philippines Power Corp., on the other hand, “remained steady,” Alcantara said.
The company’s nine-month consolidated net income also got a boost from nonrecurring income coming from the remainder of the WMPC insurance claim and loan provision reversals.
By June 2014, ACR would get yet another revenue contributor as the 100-megawatt coal-fired power plant of subsidiary Sarangani Energy Corp. goes into commercial operation.