Alsons net income more than doubles to P293 million in H1

By Myrna M. Velasco – August 21, 2019, 10:00 PM
from Manila Bulletin

Revved up by revenues from its Sarangani coal-fired power plant, the consolidated net income of Alsons Consolidated Resources, Inc. (ACR) of the Alcantara group had grown more than double in the first half to P293.08 million from the year-ago level of P120.30 million.

For the second quarter alone, the company indicated that earnings jumped by a gigantic scale to P188.72 million from a comparatively marginal P17.16 million in the same April-June last year.

Thad had then driven net earnings attributable to its parent firm at P23.38 million, somehow reversing a net loss of P95.74 million in last year’s first semester. Comparative to second quarter this year in particular, it was accounted for that attributable net earnings had climbed P17.27 million from a unpropitious net loss of P75.99 million in the same period in 2018.

On the revenue front, the Alcantara firm booked P1.87 million in April to June this 2019; rising from P1.81 billion in the same second quarter stretch last year. The company further noted that in the first quarter, revenues had been on downtrend to P3.10 billion from year-ago level of P3.48 billion.

The company has reiterated that the unit 1 of its Sarangani plant – which is at 105-megawatt capacity – had been “the key revenue and income driver.” The generating asset commenced commercial operations in April 2016.

The second unit of the Sarangani plant – which will be of the same 105MW capacity – is now at the process of completing commissioning phase and will begin commercial operations by the fourth quarter of this year.

With that anticipated commercial kick-of of its other power plant generating unit, ACR noted that the asset “is set to contribute another 105MW or baseload power to benefit additional 3.0 million in various parts of Mindanao.”

Onward, the company is pushing forward into construction phase its planned new power projects that include the 14.5-megawatt Siguil hydropower project in Sarangani; and the propounded 105MW San Ramon coal-fired plant in Zamboanga City.

For the Siguil hydropower facility, the company has already earmarked P4.25-billion development cost– and this will put a seal on the Alcantara firm’s entry into the renewable energy investment space. Civil works are already scheduled to begin for the targeted facility.

On the San Ramon coal-fired power plant venture, this is slated on commercial stream by year 2023; hence, this warrants a move from the project sponsor-firm to already select its engineering, procurement and construction (EPC) contractor before the end of October this year.