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MANILA, Philippines -- Alsons Consolidated Resources Inc. (ACR) reported lower earnings in the first quarter in the absence of an extraordinary gain.
In a disclosure to the Philippine Stock Exchange, the Alcantara holding firm said its net income declined 44.7 percent to P91.5 million this year from P165.5 million in 2011.
ACR expects its net income to improve "significantly" for the rest of the year as it begins the rehabilitation and operation of the 100-megawatt Iligan diesel power plant, which was awarded by the local government to the company in January.
Revenues increased by seven percent to P727.5 million from P672.8 million in 2011, buoyed by the three percent rise in revenues of its power generation subsidiaries in Sarangani and Zamboanga to P521.2 million from P505.4 million previously.
Revenues from Lima Utilities Corp. and Lima Water Corp. grew by a quarter to P186.9 million from the previous year's P149.7 million.
Tomas Alcantara, ACR chairman, said it secured a $71.5 million exchangeable note facility from the company’s major shareholder Alsons Power Holdings Corp. The facility will finance its 75-percent equity investment in Sarangani Energy Corp., the company that will undertake the power plant project in the province of Sarangani.
Construction of the first phase of the power plant will begin within the quarter. It is expected to commence operations in early 2015.
The plant will have an initial capacity of 105 megawatts and will provide 70 megawatts to the province of Sarangani, the city of General Santos and two municipalities of South Cotabato.
"Similar agreements are being finalized with other utility cooperatives and export-oriented companies that are significant power consumers," said Alcantara.
Aside from power generation and power plant management, the Alcantara Group is engaged in aquaculture and agribusiness, real property development, and services.
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