(The Philippine Star) | Updated March 31, 2017 - 12:00am
MANILA, Philippines - Alsons Consolidated Resources Inc. (ACR) reported a 69 percent surge in net income last year to P317 million on the back of higher revenues.
Consolidated revenues jumped 42 percent to P7.07 billion.
In its disclosure to the local bourse, ACR said the drop in earnings was largely due to financing charges incurred to fund the construction of a power plant.
The company has commenced operations of the first 105 MW section of a 210 megawatt coal fired plant in Maasim, Sarangani Province. It provides baseload power to over three million people residing in the provinces of Sarangani, Compostela Valley, Agusan del Norte and Agusan de l Sur.
Construction of the plant’s second 105 MW section commenced in January this year and is targeted to completed in the first half of 2019. This is expected to contribute another 105 MW of base load power to benefit an additional three million residents of South Cotabato, Davao del Sur, Zamboanga del Norte, Zamboanga del Sur, Cagayan de Oro City and other key areas of Mindanao.
At a cost of nearly $600 million, the power plant is the single largest investment in Sarangani
ACR also operates three diesel power facilities -- the 103 MW Mapalad Power Corp. diesel plant in Iligan City, the 55 MW Southern Philippines Power Corp. facility in Alabel, Sarangani and the 100 MW power plant of the Western Mindanao Power Corp. in Zamboanga City.
For this year, ACR expects to begin construction of the 15 MW Siguil River run-of-river hydroelectric plant in Maasim, Saranganai and the 105 MW San Ramon Power base load coal fired power plant in Talisayan, Zamboanga City.
The Siguil run-of-river plant will be ACR’s first renewable energy venture, which is expected to be up and running within 2020.