ACR profit up 24% in 2012

MANILA, Philippines - Alsons Consolidated Resources, Inc. (ACR), the publicly listed company of the Alcantara Group, expects last year’s net income to have hit P567.2 million as a result of ACR’s ongoing power projects, the company said in a disclosure to the Philippine Stock Exchange yesterday.

The P567.2 million reflects a 24-percent increase from the P455.9 million the company earned in 2011.

The company said that while energy fees from the holding firm’s power generation subsidiaries in Sarangani and Zamboanga remained almost the same, sales and service income from the Batangas business park it co-owns with Marubeni Corp., the LiMa Technology Center, went up due to the expansion of major locators.

In December, ACR’s power subsidiary Sarangani Energy Corp. completed the financing of the first phase of its coal-fired plant project in Maasim, Sarangani through a P9.3-billion loan facility from local banks.

“The SEC power plant, with a full two-phase capacity of up to 210 megawatts (MW), is intended to be part of a long-term solution to the current power shortage in Mindanao. The first phase of the plant will generate 105 MW of electrical power,” ACR said.

The construction process for phase 1 of the SEC power plant began in June last year. The company expects to commence operations in August 2015.

With this development, ACR has now set its sights on developing its next 105 MW power plant project to be located in San Ramon Barangay Talisayan, Zamboanga City, it also said.

This project will be undertaken by ACR power subsidiary San Ramon Power, Inc. (SRPI).

Aside from its power businesses, the Alcantara Group is also engaged in aquaculture and agribusiness, real property development and services.

The Alcantara Group has been an active player in the economic development of Mindanao and the rest of the Philippines for over fifty years, ACR also said.