Alsons Consolidated Resources Inc. (ACR), the publicly listed company of the Alcantara Group, increased its first-quarter profit significantly on the back of larger revenues due to enlarged power assets.
In a disclosure to the Philippine Stock Exchange, ACR reported a 59-percent rise in net income attributable to the parent company to P149.1 million for the first quarter of this year from P93.9 million in the same period in 2013.
The group’s consolidated net income for the period was only up 3 percent at P228.9 million from P222.9 million a year earlier.
ACR’s revenues jumped 134 percent to P1.18 billion from P505 million in the comparative period.
The improvement came from the revenue contribution of its recently reacquired and rehabilitated 103-megawatts Ilijan Diesel Power Plant of the Mapalad Power Corp. (MPC), which began operations in May 2013.
The company explained further that the leap in net income attributable to the parent was also due to ACR’s increased share of income from its two other operating diesel power plant subsidiaries, the Western Mindanao Power Corp.’s 100 MW plant in Zamboanga City and the 55 MW Southern Philippines Power Corp. diesel plant in Alabel, Sarangani Province.
ACR’s increased share in the income from these two plants was a result of its acquisition of 100 percent ownership of power holding company Conal Holdings Corp. (CHC) in August 2013.
The listed company gained full ownership of CHC by acquiring Thailand’s Electricity Generating Public Co. Ltd.’s 40-percent equity stake in Conal Holdings.
ACR’s three power generating subsidiaries are now the main contributors to the company’s overall revenue growth, following its divestment of Lima Land Inc. in 2013.
Besides diesel power plants, ACR is also developing coal-fired 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. in Zamboanga and the 210 MW Sarangani Energy Corp. (SEC) plant in Maasim, Sarangani. The SEC plant is currently under construction and will begin operating in 2015 with an initial capacity of 105 MW.