Alsons Consolidated Resources Inc. (ACR), the holding company for the Alcantara Group’s investments, saw a hefty increase of 66 percent in its profit attributable to the parent for the first half of the year, after recording a boost in its revenues.
A disclosure to the Philippine Stock Exchange on Thursday showed that the group’s income was up 66 percent to P270.9 million for the first six months of the year compared to the P163.3 million it earned in the same period last year.
ACR’s consolidated net income for the period was also up 26 percent to P609.8 million compared to the P485.1 million in the first half of 2012.
The rise in ACR’s consolidated net income, according to the group, was brought about by a 12-percent growth in its total revenues for the period to P1.67 billion from P1.49 billion in the same period last year.
ACR also reported that it completed the purchase of the 40-percent ownership by Electricity Generating Public Co. (EGCO) of Thailand in Conal Holdings Corp.
Amid its plan to further expand in Mindanao, the Alcantara Group bought out the stake of Thailand’s first independent power producer EGCO in power holding company Conal Holdings.
ACR’s power generation and power plant management subsidiaries were the biggest contributors to the company’s revenue growth.
ACR currently operates power generation facilities run by its subsidiaries, including the newly revamped Mapalad Power Corp. (MPC) plant in Iligan City, which began operating in the first half of 2013. The MPC plant is presently generating 76 megawatts (MW) and will reach its full 98-MW capacity by the end of next month.
Besides the diesel power plants, ACR is also developing two coal-fired facilities including the 105-MW San Ramon Power Inc. plant in Zamboanga City and the 210-MW Sarangani Energy Corp. (SEC) plant in Maasim, Sarangani.
The first 105-MW phase of the SEC plant is currently under construction and will begin operating in 2015. ACR owns 75 percent of SEC with 25-percent equity held by Toyota Tsusho Corp. (TTC)—the trading company of the Toyota Group.
LiMA Technology Center in Malvar, Batangas, the firm’s industrial estate joint venture with Japan’s Marubeni Corp., on the other hand, was the second-largest contributor to total revenues to the company.
The Alcantara Group, through its other subsidiaries aside from ACR, is also engaged in aquaculture and agribusiness, real property development and services.