Alsons revenues up 9% in 1st half

Manila, Philippines -  In a disclosure to the Philippine Stock Exchange (PSE), Alsons Consolidated Resources, Inc. (ACR) –the publicly listed holding company of the Alcantara Group – reported a nine percent increase in revenues for the first half of 2012, to P1.49 billion from P1.36 billion in the first half of 2011.

The biggest contribution to the holding company’s revenue came from ACR’s power generation and power plant management subsidiaries with facilities based in Alabel, Sarangani and Zamboanga City which earned P1.067 billion in the first half of 2012 from P1.026 billion for the same period in 2011.

ACR’s real property development and management subsidiary – Lima Land Inc. (LLI) was the second largest revenue contributor with revenues at P426.6 million in the first half of 2012, from the previous year’s P341.3 million.

ACR’s consolidated core net income for the first half of 2012 was up 1.04 percent compared to the same period last year. The non-recurrence of insurance claim payments made to ACR in the first half of 2011 however resulted in consolidated non-core net income for the first half of 2012 being reported as a 28 percent decline to P485.1 million from P676.3 million in 2011.

As a result of this, the company’s net income attributable to the parent of P163.3 million reflected a reduction by 43 percent from the previous year’s P289 million. Despite this, ACR is confident that it will hit its full-year 2012 targets of P4.752 billion in revenue and P 456 million in net income attributable to the parent.