Alsons income rises 7% in H1

MANILA, Philippines - Alsons Consolidated Resources Inc. (ACR) of the Alcantara Group improved its earnings in the first six months of the year, fired up by the operations of its Sarangani power plant.

The company said net earnings reached P269 million for the period, seven percent higher than last year’s P251 million.

Net finance charge, however, reached P543 million compared to last year’s P221 million due mainly to the interest incurred on the project loan related to the construction of the first unit of the Sarangani Energy Corp. (SEC) Section 1.

Meanwhile, net income attributable to the parent company rose 63 percent from P52 million to P85 million, which resulted in an earnings per share of P0.014, a 75 percent increase from P0.008 the previous year.

ACR reported a 12 percent increase in revenues from P3.20 billion to P3.58 billion during the reference period.

It said the main revenue contributor was the first 105-megawatt (MW) section of the 210-MW SEC coal-fired baseload power plant in Maasim, Sarangani, accounting for P2.13 billion in revenue.

This marks the first year the company will operate on a full-year basis, as SEC Section 1 started operating on April 29, 2016.

As of its other plants, ACR’s running diesel plants are currently operating as merchants and with bilateral contracts with various cooperatives and off-takers.

These are the 103-MW Mapalad Power Corp. diesel plant in Iligan City; the 55-MW Southern Philippines Power Corp. facility in Alabel, Sarangani; and the 100-MW power plant of the Western Mindanao Power Corp. in Zamboanga City.

The company said first half results were right on track with its 2017 operating plan and budget and looks forward to achieving significant revenue and income growth at the end of the year.

Currently, ACR is constructing the 105-MW SEC Section 2 targeted for completion in the first half of 2019.