MANILA, Philippines – Alsons Consolidated Resources, Inc. (PSE:ACR) reported its nine-month financial results with a sharp drop in net income by 65 percent from P684.7 million to P238.1 million of the same period last year. Total revenues for the past nine months totaled to P4.89 billion from P3.81 billion of the same period last year, a 28 percent climb.
The rise in its nine-month revenue was due to the commercial operations of Saranggani Energy Corporation (SEC), which started on April 29, 2016. It contributed up to P1.78 billion in returns. Merchant plants of the company now include the existing diesel plants.
As for its third quarter performance, the company also registered a disappointing net income drop from P200.66 million to P81.36 million, a 59 percent plunge. In contrast, the revenue during the past years’ third quarter increased from P1.31 billion to P1.69 billion, a 29 percent growth.
Assets of the company stood higher than last year record at P30.17 billion to P30.39 billion. Additionally, the total liabilities of the company increased from P19.57 billion to P19.65 billion, a 0.42 percent difference.
The retained earnings increased slightly from P2.098 billion to P2.103 billion this year. However, some of this amount had been restricted for other purposes. The undistributed earnings amounted to P537 million, which is higher than last year registration of P520 million.
Early this November, the company secured certifications from ISO for two of its diesel-fired plants. These plants include a 55-megawatt (MW) diesel plant of the Southern Philippines Power Corp. in Alabel, Sarangani and a 100-MW diesel-powered facility of the Western Mindanao Power Corp. in Sangali, Zamboanga City. The diesel-powered plants have met the standards in just seven months, which is in advance for the assessment is set for three years.
The power group of ACR operates Iligan City-located 103-MW Mapalad Power Corp. Earlier this year, the commercial operations of the 105-MW portion of Sarangani Energy Corp. started. The total capacity of the Maasim, Sarangain-located and coal-fired baseload power plant is 210 MW.
By 2019, the company is eyeing to increment its energy generation capacity to 588 MW since it also expects to account a quarter of projected peak power demand in Mindanao this year.
The nine-month period that ended last September 30, 2016 recorded diluted earnings per share at P0.017, which is lower than the P0.043 of the same period.
ACR closed at 1.32 on November 18, 2016, relatively flat year to date.
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