Alsons income rises 59% in Q1

MANILA, Philippines - Alsons Consolidated Resources Inc. (ACR), the publicly listed power holding company of the Alcantara Group, reported yesterday a 59-percent increase in net income in the first quarter of the year on the back of higher revenues from its Mindanao power plants.

In a disclosure to the Philippine Stock Exchange, ACR said its first quarter income rose to P149.1 million from P93.9 million a year ago.

Similarly, consolidated net income for the period rose three percent to P228.9 million from P222.9 million in the same period last year.

Revenues grew 134 percent in the first three months of the year to P1.18 billion from P505 million a year ago. This followed the recently reacquired and rehabilitated 103-megawatt Iligan diesel power plant of  subsidiary Mapalad Power Corp. (MPC), which commenced operations in May 2013.

“The 59-percent surge in net income attributable to the parent was due mainly to the fact that MPC, ACR’s newest revenue contributor, is a wholly-owned subsidiary of the holding company.  The leap in net income attributable to the parent was also ascribed to ACR’s increased share of income from its two other operating diesel power plant subsidiaries- the Western Mindanao Power Corp.’s (WMPC) 100-MW plant in Zamboanga City and the 55-MW Southern Philippines Power Corp. (SPPC) diesel plant in Alabel, Sarangani Province,” ACR said.

The company’s increased share in the income from these two plants was a result of its company gaining 100-percent ownership of power holding company – Conal Holdings Corp. (CHC) in August 2013.

The company’s three power generation subsidiaries are now the main contributors to revenue growth, following its divestment in Lima Land Inc. in 2013.

All three diesel power facilities are contributing to alleviate the power shortage in Mindanao, the company said.

Aside from diesel power plants, ACR is also developing coal-fired facilities to help provide a stable source of baseload power for Mindanao and ensure long-term power security for the island.