MANILA, Philippines - Alsons Consolidated Resources Inc., the investment holding company of the Alcantara Group, said its net income rose 52 percent to P363 million in the first three quarters of 2013.
In a disclosure to the Philippine Stock Exchange (PSE), Alsons attributed the increase in income came to higher revenues from its power facilities.
“Revenues from continuing operations grew by 42 percent for the first nine months of 2013 to P2.34 billion from P1.65 billion in the same period last year, coming mainly from the new revenue contributions of the Mapalad Power Corp. (MPC), which began operating in the first half of 2013,†Alsons said.
Mapalad is the newly-refurbished 98-megawatt (MW) diesel facility in Iligan City, which Alsons recently acquired and rehabilitated with a total capital outlay of P1.3 billion.
In its report, Alsons said earnings per share stood at P0.058 in the first three quarters of 2013, higher than the P0.038 per share a year earlier.
Following the strong end-September results, Alsons said the company is on track to end the year with total revenues of P4.2 billion.
“Management forecasts show that the company will end the year with total revenue amounting to P4.2 billion, 12 percent higher than budget, and a net income attributable to the parent of P661.8 million, also around 12 percent higher than budget,†Alsons said.
In terms of revenue contribution, Alsons said its power generation and power plant management subsidiaries were the biggest contributors to the company’s revenue growth.
“Energy fees earned by Mindanao-based diesel power facilities were up 45 percent in the first nine months of 2013 to P2.31 billion from P1.59 billion in the same period last year,†Alsons said.
Alsons’ power generation facilities include Southern Philippines Power Corp. 55-MW plant in Alabel, Sarangani; the 100-MW Western Mindanao Power Corp. plant in Zamboanga City, and the 98 MW Mapalad Power Corp. plant in Iligan City.
Apart from the diesel power plants, Alsons is also developing coal-fired power facilities to help provide a stable source of baseload power for Mindanao and ensure long-term power security for the island. These facilities are: the 105-MW San Ramon Power Inc. plant in Zamboanga City and the 210 MW Sarangani Energy Corp. plant in Maasim, Sarangani.
The Alcantara Group, which has most of its businesses in Mindanao, is also engaged in aquaculture and agribusiness, property development and services.