ALSONS Consolidated Resources Inc. (ACR), the listed unit of the Alcantara Group, on Monday reported a drop in consolidated net income for the first nine months on higher interest expenses and foreign exchange losses.
ACR said consolidated net income for the January-September period reached P606.7 million, down 24 percent from P793.2 million a year earlier.
“Net income attributable to the parent (firm) was 7 percent lower at P339 million from P363.3 million for the first nine months of 2013,” ACR said in a statement.
It added that earnings per share for the period was commensurately lower at P0.054 per share against P0.058 per share in 2013.
However, ACR said revenues increased 66 percent to P3.9 billion in the nine-month period from P2.3 billion a year ago on the back of contributions from the 103-megawatt (MW) Mapalad Power Corp. (MPC) diesel plant in Iligan City.
The MPC plant has been operating for over a year since its re-acquisition and rehabilitation by ACR in early 2013.
ACR also operates two other diesel power plants in Mindanao: the Southern Philippines Power Corporation’s 55 MW plant in Alabel, Sarangani and the 100 MW Western Mindanao Power Corp. plant in Zamboanga City,
Despite the slump in the first nine months, ACR still expects full-year consolidated net income to go up 6 percent to P891.32 million. Full-year net income attributable to the parent firm is also seen rising 6 percent to P496.25 million.
Meanwhile, the ACR board approved the increase in authorized capital of wholly-owned subsidiary ACR Mining Corp. to P500 million from P5 million.
RITCHIE A. HORARIO