Manila Times.net
ALSONS Consolidated Resources Inc. (ACR) reported that its net income grew on higher fees brought about by increased electricity and water consumption.
In a disclosure to the Philippine Stock Exchange, ACR said its net income attributable to equity holders rose 35 percent to P357.7 million last year, slower than the 177-percent growth to P278.4 million in 2009.
Revenues improved 9 percent to P2.71 billion from P2.48 billion in 2009, on higher energy fees from its two power subsidiaries supplying electricity to the Mindanao grid.
Revenues also got a boost because of the higher consumption of electricity and water by the locators in the Lima Technology Center in Lipa, Batangas.
“ACR revenues and income will continue to improve in 2011 on the back of the company’s core income coming from the power subsidiaries’ energy and utility companies’ sales,” said Tomas Alcantara, ACR chairman.
The board also approved the reclassification of its unissued common shares to redeemable preferred voting shares to give the company some flexibility in raising funds in the domestic and international equity markets for its upcoming projects.
ACR will reclassify 55 million unissued common shares with a par value of P1 per share into 5.5 billion redeemable preferred voting shares with a par value of P0.01 per share.
Once the reclassification is approved, the company’s authorized capital stock will remain at P12 billion with 11.95 billion common shares, of which 6.29 billion are issued and outstanding.
The reclassification of shares will be presented to the company’s stockholders for approval in a special meeting next month.
ACR shares were unchanged at P1.34 each on Thursday.
Krista Angela M. Montealegre
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