Alsons earnings post significant jump to ₱587 M in 9 months

Published November 15, 2019, 12:00 AM

by manilabulletin_admin

By Myrna M. Velasco

With its Sarangani coal-fired power plant as the income driver, Alsons Consolidated Resources Inc. of the Alcantara group had logged glaring increase in its net earnings to ₱587.7 million versus last year’s lean financial outcome of ₱197.39 million.

For the third quarter alone, the company posted income of ₱294.62 million, which also sets considerable climb from ₱77.09 million for the same period in 2018.

On its profits attributable to parent, the Alcantara firm emphasized that this had also grown to ₱54.94 million, reversing a loss of ₱137.33 million last year. Within the quarter, attributable net earnings had been at ₱31.55 million.

On the revenue front, the company ended lower within the January-September period to ₱4.67 billion from the year-ago level of ₱P5.02 billion; while for the third quarter, revenues had been roughly steady at ₱1.57 billion from last year’s ₱1.54 billion.

The Alcantara-led company said the first unit of its 210-megawatt Sarangani coal-fired generating facility continued “to be the key revenue and income driver.” The plant has two units of 105MW capacity each.

The first unit of that facility kicked off its commercial operations in April 2016; then the second unit had just been commercially on stream last month.

The generated capacity of the plant is being wheeled to customers within the Mindanao grid – primarily those that are covered by the various power supply agreements (PSA) underwritten for the facility’s output.

Following the full completion of its Sarangani project, the Alsons Power Group is advancing next its 15-megawatt Siguil hydropower facility, which serves as its take-off point investment in the renewable energy (RE) space.

The Alcantara firm is similarly bringing to construction phase its 105MW San Ramon coal-fired power plant project in Zamboanga City, a capacity targeted to meet the future power needs of the area.