Alsons profit drops in Q1

MANILA, Philippines — Alsons Consolidated Resources (ACR) of the Alcantara Group reported a dip in first quarter earnings as the forced outage of one of its plants dented the firm’s operations and revenues.

The company reported that its net income attributable to parent decreased by three percent on an annual basis to P151 million from P156 million.

Similarly, net income stood at P479 million for the period, which is 13 percent lower than the P542.27 million recorded a year ago.

The firm’s revenues during the three-month period declined by a fifth to P2.62 billion from last year’s P3.31 billion.

“The lower income figures were mainly due to the forced outage experienced by Sarangani Energy Corp.’s Plant 1 from Dec. 3, 2023 to Feb. 20, 2024, caused by the magnitude 6.8 earthquake that hit Sarangani province,” said ACR deputy CFO Philip Edward Sagun.

Despite the first quarter slowdown, the power company said it is optimistic that it would close the year on a strong note on the back of its slated expansions this year.

ACR currently has an aggregate capacity of 468 megawatts (MW), serving more than eight million people in the Mindanao region.

The company said its 14.5-megawatt Siguil Hydro Power Project in Sarangani would begin commercial operations this year.

Moving forward, ARC is developing two other renewable energy projects in the Visayas and Mindanao: the 42-MW Bago Hydro Power Project in Negros Occidental and the 37.8-MW Siayan Hydro Power Project in Zamboanga.