ALCANTARA Group’s publicly listed company Alsons Consolidated Resources Inc. (ACR) posted a 5.9 percent increase in revenue for the first quarter of the year driven by its power portfolio.
During the company’s annual stockholders’ meeting, ACR chairman and president Tomas Alcantara said revenue for the first quarter rose to P1.2 billion from P1.13 billion in the same period last year.
The increase was driven by revenue from its 103-megawatt (MW) Mapalad Power Corp. diesel power plant in Iligan City.
ACR Chief Financial Officer Luis Ymson Jr. said net income for the first quarter grew 13.4 percent to P213.7 million from P188.4 million in the same period of last year.
He said the target revenue for this year is pegged at P5.32 billion, an increase of 2.8 percent from last year, while the company’s budgeted net income for this year is P1.14 billion, up by 58 percent from 2014.
ACR’s currently operating power generation facilities include the 55-MW plant in Alabel, Sarangani of Southern Philippine Power Corp. and the 100-MW Western Mindanao Power Corp. (WMPC) plant in Zamboanga City.
The company said all three diesel plants have significantly contributed to alleviating the power shortage in Mindanao.
Alcantara said the company is developing coal-fired power facilities to help ensure a stable source of baseload power for Mindanao and contribute to long-term power security for the island.
These facilities include the 105-MW San Ramon Power, Inc. (SRPI) plant in Zamboanga City and the 210-MW Sarangani Energy Corporation (SEC) plant in Maasim, Sarangani.
ACR executive vice president Tirso G. Santillan, Jr. said the SEC plant is in advanced stages of construction and will begin commercial operation in the fourth quarter of 2015 with an initial capacity of 105 MW.
The SEC plant is expected to operate at full capacity by 2018.
The SRPI power facility in Zamboanga is expected to begin construction in 2016 and is slated to operate by 2019.
The company is likewise entering the renewable energy sphere with the development of a 15-MW run-of-river hydroelectric plant along the Siguil River in Maasim, Sarangani.
Alcantara said the company is committed to fortify its power generation business in Mindanao through ACR’s five key projects expansion strategy.
“The company is committed to completing the five key projects expansion strategy we defined in the previous year,” said Alcantara.
He cited the rehabilitation and operation of Mapalad Power Corp., construction and operation of Sarangani Energy Corp. Section 1, SEC Section 2, San Ramon Power Inc. and Siguil Hydro Power, as well as ensuring the future competitiveness of Western Mindanao Power Corp. and Southern Philippines Power Corp. as they near the end of their energy conversion agreement with the national government.
“All five of these key projects are moving along at a pace that we are satisfied with in order to achieve the company’s established commitments and goals,” said Alcantara.