Alsons earnings up slightly to P104 M

MANILA, Philippines — Alsons Consolidated Resources Inc. (ACR), the listed holding firm of the Alcantara Group, reported a slight increase in its first quarter earnings to P104.3 million even as revenues declined.

Revenue fell 26 percent to P1.22 billion.

ACR attributed the slight profit improvement to the improved performance of its Sarangani Energy Corp. and lower finance charges due to partial loan repayment.

The first unit of the 2x105-megawatt (MW) in Maasim, Sarangani province remains to be the key driver of its revenue and income. 

The first section began operating in April 2016.

It currently delivers power to more than three million people in the General Santos, Sarangani area and other parts of Mindanao.

For the full year, ACR expects to see more contributions from the second unit of the SEC plant and its diesel plants through its ancillary service procurement agreements (ASPAs).

“The company hopes to recover the shortfall when SEC 2 comes online in the second half of this year,” the firm said.

“The company has embarked on initiatives for its diesel plants to provide ancillary services to the National Grid Corp. of the Philippines (NGCP),” it said.

The plant’s second section is currently in the commissioning stage and is  targeted to start commercial operations in the second half.

SEC 2 is set to contribute another 105 MW of baseload power to benefit an additional three million people in various parts of Mindanao when it begins operating later this year. 

Meanwhile, Western Mindanao Power Corp. (WMPC) has signed an ASPA with NGCP for its 100-MW power plant in Zamboanga City to provide dispatchable generating capacity, reactive power support, and black start capability to stabilize in the Zamboanga peninsula.

Southern Philippines Power Corp. (SPPC)  has also pitched a proposal to NGCP to provide ancillary services from its 55-MW power station in Alabel, Sarangani to help secure the power grid in Region 12 or south central Mindanao.