MANILA, Philippines - Alsons Consolidated Resources Inc. (ACR) expects to meet or even surpass its net income target for this year due to the steady growth of its real estate and power units.
Last year, ACR posted net earnings of P278.4 million, more than twice the P100.2 million recorded in 2009. As a result, earnings per share nearly tripled to P0.044 from only P0.016. Revenues went up 12 percent to P637 million.
In a statement, ACR chairman Tomas Alcantara said the company’s first quarter results might be a good indication it is on track to meet its financial goals and that it could post even bigger earnings in the next two to three years as planned projects come on stream.
For the period January to March this year, ACR reported a net income of P61 million compared with P58 million a year earlier on the back of a 12-percent growth in revenues from P568 million to P637 million.
About 79 percent of total revenues were accounted for by energy and management fees from the company’s energy and power business, amounting to P506 million or an increase of six percent from the year earlier level.
The increase in revenues was attributed to higher energy dispatch by the power subsidiaries due to the current power shortage and to increases in tariff rates.