Alsons income increased by 20% in ’11 to P456M

MANILA, Philippines—The net income last year of Alsons Consolidated Resources Inc. increased by 20 percent to P456 million, from P378 million in 2010, due largely to the better performance of its energy business.

Alsons Consolidated chair and president Tomas I. Alcantara reported to the Philippine Stock Exchange that the company’s consolidated revenues grew by 8 percent to P2.94 billion last year from P2.71 billion in 2010.

“Energy fees from its power subsidiaries continued to comprise more than 70 percent of these revenues with the balance accounted for by property subsidiary Lima Land Inc.,” he said.

This year, Alcantara expects the company’s earnings to be boosted largely by the expected reacquisition of the former Iigan diesel power plant from Iligan City “very soon.”

He explained that the city took over the 102-megawatt diesel plant from state-run National Power Corp. about two years ago and awarded it to a subsidiary of Alsons Consolidated, Mapalad Power Corp., after it won the plant in a public bidding in 2011.

Alcantara reported that once Mapalad Power takes over the idle plant, the company will be able to rehabilitate the facility and bring it up to its full 102-MW capacity in six months, thus immediately bringing additional power generating capacity to electricity starved Mindanao.

Alsons Consolidated, through its subsidiary Conal Holdings, is building a 210-MW coal-fired power facility in Maasim, Sarangani, which is expected to start commercial operations by 2015.

The first phase of the coal project will see the generation of 105 MW and the second phase, the remaining 105 MW.

Aside from the Sarangani coal facility, the Alcantara Group is also building a second coal-fired power facility in Zamboanga City that can generate 100 MW.

It currently operates two diesel-fired power plants located in Zamboanga City and Alabel, Sarangani.