Alsons posts 7% growth in Q1 revenue

Alsons Consolidated Resources Inc. (ACR), the listed holding company of the Alcantara Group—reported a 7-percent increase in its first-quarter revenue to P727.5 million from P672.8 million a year ago.

In a disclosure to the Philippine Stock Exchange, the company said the biggest revenue contribution came from ACR’s power generation subsidiaries based in Alabel, Sarangani and Zamboanga City, which earned P521.2 million in the first quarter, up from P505.4 million in the same period last year.

The biggest revenue increases among ACR subsidiaries were reported by Lima Utilities Corp. and Lima Water Corp., both reporting a 25-percent jump in sales to locators in Lima Technology Center in Malvar, Batangas.

However, Alsons reported that its first-quarter net income dropped in the first quarter to P91.5 million from P165.5 million a year ago. This was, however, due to the non-recurring income generated by the company in 2011 that boosted bottom line during the period.

ACR said it expected net income to improve starting the second quarter as it just started the operation of its 100-MW Iligan Diesel Power Plant.

In the same disclosure, ACR chairman and president Tomas I. Alcantara said the first phase of the Sarangani Energy Corp. Power Plant in Alabel, Sarangani, was set to begin construction within the second quarter of 2012.

The Sarangani plant, which has an initial capacity of 105 MW, will provide 70 MW to the province of Sarangani, the city of General Santos and two municipalities of South Cotabato under a power sales agreement with the South Cotabato 2 Electric Cooperative.

Alcantara said similar agreements were being finalized with other utility cooperatives and export-oriented companies.