FOLLOWING the full-year operation of its diesel plant in Iligan City, Alsons Consolidated Resources Inc. (ACR) said its 2014 revenues reached P5.2 billion, up 55 percent from the P3.3 billion it made two years ago.
In 2013 the publicly listed company of the Alcantara Group reacquired and rehabilitated the 103-megawatt (MW) facility of Mapalad Power Corp. (MPC), which began commercial operations in September of that same year.
Combined net income from continuing operations last year amounted to P727 million, or 28 percent higher than 2013’s P569 million. Considering the P196-million nonrecurring profit from discontinued operations in 2013, however, total consolidated income dropped from P765 million to P727 million.
Net income attributable to the parent from ongoing operations increased 44 percent to P359 million from the prior year’s P249 million.
Nonrecurring net income attributable to the parent from aborted operations of P146 million in 2013 slightly decreased from P395 million to P359 million.
Earnings per share declined to P0.057, or 9 percent from P0.063 apiece. ACR expects revenues to grow, amounting to P6.1 billion in 2015 mainly due to the projected commencement of operations of the first 105 MW of Sarangani Energy Corp.’s 210-MW coal-fired power plant in the last quarter of this year.
It also sees a net income attributable to the parent to reach P613 million or an earnings per share of P0.098. ACR is a subsidiary of the Alcantara Group, a diversified company engaged in aquaculture and agribusiness, energy, property development and services through its various units.
Apart from the MPC diesel plant, the company’s other operating diesel-fired power-generation facilities in Mindanao include the Western Mindanao Power Corp.’s 100-MW plant in Zamboanga City, and the 55-MW Southern Philippines Power Corp. plant in Alabel, Sarangani province.
ACR’s expansion plan includes the development of coal-fired facilities, such as the 105-MW San Ramon Power Inc. plant in Zamboanga City and the 210-MW Sarangani Energy Corp. plant in Maasim, Sarangani.
The former will begin its operations in the last quarter of 2015 with an initial capacity of 105 MW, and is scheduled to become fully operational with 210-MW capacity by 2017.
Meanwhile, the latter is slated to start operations next year.