Alsons posts 35% jump in 2010 profit

THE ALCANTARA-led Alsons Consolidated Resources Inc. posted a 35-percent surge in its net income to P376 million, due mainly to higher prices and increased consumption of electricity in 2010.

In a disclosure to the Philippine Stock Exchange, Alsons chair Tomas I. Alcantara reported that revenues rose to P2.71 billion last year from P2.48 billion in 2009 following increased energy fees from its two power subsidiaries that were supplying electricity to the Mindanao grid.

Also contributing to the improved revenues was the higher consumption of electricity and water by locators at the Lima Technology Center in Lipa, Batangas.

The higher net income in 2010 resulted in an earnings per share of 6 centavos as against the previous year’s EPS of 4.4 centavos.

Alcantara said he was optimistic that the company’s revenues would further improve this year given the fact that Alsons’ core income came largely from sales of the power subsidiaries’ energy and utility operations.

In the same disclosure, Alcantara added that the company’s board of directors approved the reclassification of 55 million unissued common shares with a par value of P1 each into 5.5 billion redeemable preferred voting shares that will have a par value of 1 centavos each.

“Once the reclassification is approved, the company’s authorized capital stock will remain at P12 billion but the number of its common shares would be 11.945 billion, of which 6.29 billion are issued and outstanding,” Alcantara said.