Alsons reports 13% drop in earnings in first quarter


Alcantara-led Alsons Consolidated Resources (ACR) reported a drop in net income for the first three months of the year due to the plant’s forced outage in Sarangani province.

In a statement, ACR said it was able to consolidate P479 million worth of net income in the first quarter of this year, which is lower by 13 percent at P542.27 million last year.

Revenues from January to March of 2024 shrunk by 21 percent to P2.62 billion. In comparison, last year’s period had P3.31 billion.

Net earnings attributable to the parent during this period posed a significant yet slight decrease by 3 percent, as ACR’s net profit totaled P151 million.

ACR Deputy Chief Financial Officer Philip Edward Sagun explained that the figures for the first quarter declined because of the 6.8 magnitude earthquake that hit Sarangani in November of last year. 

This resulted in the Sarangani Energy Corporation’s Plant 1 forcibly shut down from December 3, 2023, to February 20, 2024.

“Despite the slowdown in growth, [we] remain optimistic about ending the year with strong performance,” the ACR assured.

Currently, there are about 468 megawatts (MW) of ACR’s aggregate capacity, enough for the 8 million people living in Mindanao.

Furthermore, the Alcantara-led firm is set to begin the commercial operations of the 14.5 MW Siguil Hydro Power Project in Sarangani this year, and launch the 95.2 MW in-island Baseload Back-up Power Plant project in Ubay, Bohol.

“This facility will ensure a reliable power supply to the province in case it becomes isolated from the Visayas Grid due to emergencies or natural disasters,” ACR said.

Other developments to diversify the company’s power portfolio, are the 42 MW Bago Hydro Power Project in Negros Occidental and the 37.8 MW Siayan Hydro Power Project in Zamboanga.