(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.
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