Due to one-time recognition of incurred expenses, the net income of Alcantara-led Alsons Consolidated Resources Inc. (ACR) had slowed down to P689 million in this year’s first half, roughly 21-percent drop from P871 million in the same period last year.
Within the second quarter alone, the company indicated that earnings had been lower at P364.93 million from the year-ago level of P492.39 million on a parallel timeframe.
“The lower income figures were mainly due to a one-time recognition of expenses for this year,” the Alcantara-owned company has emphasized.
On the revenues front, the firm posted higher yield of P5.40 billion within January to June this year from P4.63 billion in a comparative period a year ago.
Within April to June stretch, revenues had likewise been on moderate upturn to P2.73 billion from last year’s P2.47 billion, according to the company.
It emphasized that its 210-megawatt Sarangani coal-fired power facility carried on as its “key revenue and income driver’ within this semester’s financial review period.
The company further noted that the other income-contributing asset is its 100MW Western Mindanao Power Corporation (WMPC) diesel plant in Zamboanga City.
“WMPC is the only major power generation facility in the Zamboanga Peninsula, providing power to Zamboanga City and supplying vital ancillary services to stabilize the power grid in the Western Mindanao region,” the Alcantara firm specified.
And while the thermal assets are currently the ones beefing up its top and bottom lines, the company asserted that its way forward when it comes to greenfield energy investments shall be focused on renewables.
ACR Chairman and President Nicasio I. Alcantara primarily highlighted that “eventually, renewable energy sources will comprise at least half of ACR’s long-term energy mix.”
The current pivot of their capital outlay is on hydropower developments, in which the company has been targeting to have capacity buildup from at least eight power plant installations – and that already kicked off with its 14.5MW Siguil hydro facility that will be due for commercial commissioning next year.
“The next two hydro power facilities slated for development are a 21 MW hydro power plant in Zamboanga del Norte being developed by ACR’s Sindangan Zambo-River Power Corporation and the Bago River hydroelectric power plant in Negros Occidental, the company’s first power project outside of Mindanao, with a planned capacity of up to 42 MW,” ACR expounded.
By far, the deployment of RE technologies will be the firm’s anchor when it comes to re-balancing its power capacity portfolio, which currently stands at 468MW and had been serving the energy needs of more than 8.0 million people across 14 cities and 11 provinces in Mindanao.