Alsons posts 55% revenue hike

MANILA, Philippines - Alsons Consolidated Resources Inc. (ACR), the publicly listed company of the Alcantara Group, has reported a 55-percent increase in revenues to P5.2 billion last year.

In a disclosure to the Philippine Stock Exchange (PSE), Alsons said this is an improvement from P3.3 billion in revenues last year.

Officials attributed the improvement in revenues to the full-year operation of the 103-megawatt diesel plant in Iligan City.

“The growth in 2014 revenues came mainly from full-year operation of the 103 Megawatt (MW) Mapalad Power Corp. (MPC) diesel plant in Iligan City. The MPC plant was reacquired and rehabilitated in 2013, commencing commercial operations in September 2013,” Alsons said.

Consolidated income from continuing operations rose 28 percent to P727 million from the previous year’s P569 million.

With non-recurring income of P196 million in 2013, consolidated net income declined to P727 million from P765 million the previous year.

The net income attributable to the parent firm – from continuing operations – rose by 44 percent to P359 million versus the previous year’s P249 million, Alsons also said in its disclosure.

With non-recurring net income of P146 million in 2013, income attributable to the parent declined slightly to P359 million in 2014 from P395 million.

For 2015, the Alsons expects revenues to increase to P6.1 billion, coming mainly from the projected start of commercial operations of the first 105 MW of Sarangani Energy Corp.’s 210-MW coal-fired power plant in the fourth quarter of 2015.

It forecasts a net income attributable to the parent in 2015 of P613 million, Alson’s also said.

Apart from the MPC diesel plant, Alson also operates power generation facilities such as the Southern Philippines Power Corp.’s 55-MW plant in Alabel, Sarangani and the 100-MW Western Mindanao Power Corp. (WMPC) plant in Zamboanga City.

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

These facilities are the 105-MW San Ramon Power Inc. (SRPI) plant in Zamboanga City and the 210-MW Sarangani Energy Corp. (SEC) plant in Maasim, Sarangani, which is in the advanced stages of construction.