Alsons Consolidated Resources Inc. (ACR) of the Alcantara Group on Friday said its net income increased by more than half in the first three quarters of the year, on the back of the strong performance of its power generation and power plant management subsidiaries.
In a disclosure to the Philippine Stock Exchange, ACR reported a 52-percent rise in net income attributable to the parent to P363.3 million in January to September 2013, from P239.6 million in the same period for 2012.
Consolidated net income for the period was up 6 percent to P793.1 million from P747 million a year ago.
Revenues from continuing operations also grew by 42 percent for the first three quarters of 2013 to P2.34 billion from P1.65 billion in 2012—coming mainly from the new revenue contributions of the Mapalad Power Corp. (MPC), which began operating in the first half of this year.
MPC is the newly refurbished 98-megawatt (MW) diesel facility in Iligan City that was recently acquired and rehabilitated with a total capacity outlay of P1.3 billion. The facility completed its rehabilitation and reached its full capacity ahead of schedule inSeptember 2013.
Management forecasts show that ARC will end the year with total revenue amounting to P4.2 billion, or 12 percent higher than budget; and a net income attributable to the parent of P661.8 million, or 12 percent higher than budget.
ACR’s power generation and power plant management subsidiaries were the biggest contributors to the company’s revenue growth.
Energy fees earned by ACR’s currently operating power generation facilities, include Southern Philippines Power Corp. 55-MW plant in Alabel, Sarangani; the 100-MW Western Mindanao Power Corp. plant in Zamboanga City; and the 98-MW MPC plant in Iligan City.
“All three power facilities have contributed to alleviating the power shortage in Mindanao,” ACR said.
Besides diesel power plants, ACR said that it is also developing coal-fired power facilities to help provide a stable source of baseload power for Mindanao and ensure long-term power security in Zamboanga City, and the 210-MW Sarangani Energy Corp. (SEC) plant in Maasim, Sarangani.
The first 105-MW section of the SEC plant is currently under construction and will begin operating in 2015. ACR owns 75 percent of the SEC with 25-percent equity held by Toyota Tsusho Corp.