A Brown posts P485.5-million net profit in 2010

MANILA, Philippines - A. Brown Co. Inc. reported a three-fold increase in its net income last year to P485.5 million from only P102.9 million, mainly driven by higher revenues.

Revenues rose 37 percent to P856 million from P625 million.

“While the company continues to build up its capability in the palm oil industry as we increase both the planted area of our plantations as well as improve and increase our milling capacity, we also remain to be dedicated in improving the sales and profitability of our real estate business especially in North Mindanao where we have established a niche as a reliable and quality developer,” ABCI chairman Walter Brown said.

ABCI, which is primarily engaged in the business of real estate development, oil palm plantation milling, is venturing into power generation through its two subsidiaries Palm Thermal Consolidated Holdings Corp. and Panay Consolidated Holdings Corp.

The group is putting up a 200-megawatt clean coal-fired power plant in Concepcion, Iloilo, which is expected to come on line by 2014.

The plant, which can be expanded by another 100 MW, is intended to help address the supply need of the Visayas region in the medium-term.

This project will make use of Circulating Fluidized Bed Combustion (CFBC) technology.

According to ABCI Vice President, Roel Z. Castro, the planned power plant will increase Panay Island sources of reliable and stable electricity at competitive prices.

Castro said new and existing large industrial and commercial off- takers and Distribution Utilities have expressed their interest to contract the capacity of the Concepcion Plant for the security of their power supply requirements.

“The company would also be trading some of the capacity from the Concepcion power plant to the wholesale electricity sport market (WESM), Castro said.