Alsons posts 32% increase in 9-month net earnings

MANILA  -Alsons Consolidated Resources Inc. saw its net earnings climb to P1.8 billion in the third quarter of the year, a 32-percent increase year-on-year on the back of stronger power demand in Mindanao.

Its net income attributable to the parent company, the Alcantara group, likewise grew by 12 percent to P504.6 million.

In a stock exchange disclosure on Tuesday, Alsons said the 210-megawatt (MW) Sarangani Energy Corp. (SEC) baseload plant, the 100-MW Western Mindanao Power Corp. (WMPC) and the 103-MW Mapalad Power Corp. (MPC) diesel plants contributed to improved profitability.

SEC provides power to key areas in Mindanao, including Sarangani province, General Santos, Cagayan de Oro, Iligan, Dipolog, Dapitan, Pagadian, Samal, Tagum, Kidapawan and Butuan.

WMPC is based in Zamboanga City, while MPC is in Iligan City.

READ: Mindanao demand recovery boosts Alsons earnings

According to Alsons, it is currently focusing on building its renewable energy capacity “over the next few years” with more projects in the pipeline, including the 14.5-MW Siguil hydro power plant which is slated for completion by year-end.

In Zamboanga del Norte, the company seeks to expand its portfolio with a combined hydro and solar power project that has a potential capacity of up to 37.7 MW.

It is also expanding to the Visayas market through a planned 42-MW hydro power project in Negros Occidental province.

Alsons currently has four power facilities in its portfolio with an aggregate capacity of 468 MW.