THE alcantara Group’s Alsons Consolidated Resources Inc. (ACR) reported a 55 percent increase in revenues in 2014 to P5.2 billion from P3.3 billion in 2013 on higher sales from its 103-megawatt diesel power plant in Iligan City.
In a disclosure to the Philippine Stock Exchange (PSE) on Monday, Alsons attributed the increase in its revenues to the full-year operation of Mapalad Power Corp.’s (MPC) diesel plant.
Alsons said the MPC plant was reacquired and rehabilitated in 2013 and commenced commercial operations in September 2013.
It said consolidated income from continuing operations in 2014 was 28 percent higher at P727 million from the previous year’s P569 million.
Taking into consideration the non-recurring income of P196 million from discontinued operations in 2013, consolidated net income declined slightly to P727 million in 2014 from P765 million in 2013, Alsons said.
The discontinued operations refer to Alsons’ stake in LiMA Land, the owner/operator of the LiMA Industrial Estate in Batangas. Alsons sold its stake in LiMA to the Aboitiz group in 2012 but it continued receiving income until 2013.
Net income attributable to the parent from continuing operations was up 44 percent at P359 million from the previous year’s P249 million, with non-recurring net income attributable to the parent of P146 million from discontinued operations in 2013.
Income attributable to the parent declined slightly to P359 million in 2014 from P395 million in 2013, while earnings per share (EPS) also dipped to P0.057 in 2014 from P0.063 per share in 2013.
The ACR board has forecast an increase of revenues to P6.1 billion in 2015 with the projected start of commercial operations of the first 105 MW of Sarangani Energy Corporation’s 210-MW coal-fired power plant in the fourth quarter of this year.
The board has also forecast a net income attributable to the parent in 2015 of P613 million, or an EPS of P0.098 for the year.
The board also approved the declaration of 100 percent of wholly owned subsidiary ACR Mining Corporation (ACRMC) as a property dividend at a record date to be announced soon.
This comes after the Securities and Exchange Commission (SEC) approved ACRMC’s increase in authorized capital, which will accommodate a planned conversion of about P33 million in the company’s debt into equity.
A cash dividend equivalent to 10 percent of the amount of ACRMC equity to be distributed was likewise declared.
Besides the MPC diesel plant, ACR is currently operating power generation facilities like the Southern Philippines Power Corporation’s (SPPC) 55 MW plant in Alabel, Sarangani and the 100 MW Western Mindanao Power Corporation (WMPC) plant in Zamboanga City.
All three diesel plants have significantly contributed to alleviating the power shortage in Mindanao.
ACR is 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 Corporation (SEC) plant in Maasim, Sarangani.
The SEC plant is in the advanced stages of construction and will begin commercial operations in the fourth quarter of 2015 with an initial capacity of 105 MW. It is expected to be operating at its full 210 MW capacity by 2017.
The SRPI power facility in Zamboanga is expected to begin construction in 2016.
The Alcantara Group, through its other subsidiaries aside from ACR, is also engaged in aquaculture and agribusiness, property development and services.