MANILA, Philippines - Alsons Consolidated Resources Inc. (ACR) posted a net profit of P91.5 million in the first quarter this year, down 44.7 percent from P165.5 million a year earlier.
ACR said last year’s figure included non-recurring gains.
Revenues, however, rose by seven percent to P727.5 million, mainly driven by the strong performance of its power generation subsidiaries based in Alabel, Sarangani and Zamboanga City which earned a combined P521.2 million.
Among ACR’s subsidiaries, Lima Utilities Corp. and Lima Water Corp. logged the biggest increase in revenues at 25 percent from P149.7 million to P186.9 million.
ACR, however, expects its net earnings to improve significantly for the rest of 2012 as it begins to rehabilitate and operate the 100-megawatt diesel power plant.
Tomas Alcantara, chairman and president of ACR, said the first phase of Sarangani Energy Corp.’s power plant in Sarangani, is slated to commence construction in the second quarter of 2012 as all key product contracts have been completed and signed.
The plant, with an initial capacity of 105 MW, will provide 70 MW to the province of Sarangani and two municipalities of South Cotabato under a power sales agreement with the South Cotabato 2 Electric Cooperative. It is targeted to be operational by early 2015.
Alcantara said similar agreements are being finalized with other utility cooperatives and export-oriented companies that are significant power consumers.
Funding for the project will come from a $71.5 million exchangeable note facility from Alsons Power Holdings Corp., a major shareholder of ACR.
ACR has approved the declaration of P0.01 per share cash dividend to all stockholders on record as of May 18, payable on June 14, 2012.
Aside from power generation and power plant management, the Alcantara Group is engaged in aquaculture and agribusiness, real property development and services.