Alsons H1 net income grows 41% to P218.9M

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LISTED Alsons Consolidated Resources Inc. (ACR) of the Alcantara Group posted a 41-percent increase in net income for the first half of 2015 driven by its power segment.

Net income attributable to the parent rose to P218.9 million in the first half of 2015 from P155.5 million in the first half of last year, the company said in a disclosure to the Philippine Stock Exchange (PSE).

These figures translate to earnings per share for of P0.035 in 2015 as against P0.025 in the first half last year, it said.

Consolidated net income in the first half increased 34 percent to P484 million from P361 million in the comparable period last year.


Revenues totaled P2.5 billion in first six months, flat from a year ago.

The three operating diesel power plants in Mindanao continue to be the main revenue drivers for the company.

According to Alsons, the three diesel plants sold 12 percent more electricity during the period from 633 gigawatt hours (GWh) in 2014 to 709 GWh in 2015, triggered by the continuous shortage of power in Mindanao.

Among the company’s currently-operating power generation facilities are the 103-megawatt (MW) diesel power plant of Mapalad Power Corporation (MPC) in Iligan City; Southern Philippines Power Corporation’s (SPPC) 55-MW power plant in Alabel, Sarangani; and the 100-MW plant of Western Mindanao Power Corporation (WMPC) in Zamboanga City.

“All three diesel plants have significantly contributed to alleviating the power shortage in Mindanao,” the company said.

Alsons 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 Corporation (SEC) plant in Maasim, Sarangani.

The Sarangani plant is in the advanced stages of construction and will begin commercial operations within the first quarter of 2016 with an initial capacity of 105 MW.

It is expected to be operating at its full 210 MW capacity in 2018.

Alsons’ gross profit in the first half of 2015 rose 27 percent to P972 million from P766 million in the same period last year due to lower cost of sales.

Gross profit margins in the first half of the year improved from 31 percent in 2014 to 39 percent in 2015.

At the same time, Alsons also announced the recent approval by the Securities and
Exchange Commission (SEC) of its declaration of wholly owned subsidiary ACR Mining Corporation (ACRMC) as property dividend.

Under the property dividend, shareholders of Alsons as of the projected record date will receive shares in ACRMC.

ACRMC currently has rights to a 75 percent participating interest in a joint venture to develop a mining project covering 1,547 hectares in Nabunturan, Davao del Norte and Maco, Compostela Valley.

Alsons said that the actual distribution of the ACRMC shares can be made only after obtaining clearances and approvals from other regulatory agencies.

The date for the distribution of ACRMC shares will be announced soon after the appropriate clearances are secured

The Alcantara Group, through its other subsidiaries aside from Alsons, is also engaged in aquaculture and agribusiness, property development and services. It has been an active player in the economic development of Mindanao and the rest of the Philippines for over 50 years.

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