Alsons sees P567-M income for 2012

Manila Times.net

Written by Madelaine B. Miraflor  Published on 08 January 2013

Alsons Consolidated Resources Inc. (ACR), the publicly listed company of the Alcantara Group, is looking to wrap 2012 with a P567.2-million net income, on the back of the firm’s pipeline of ongoing projects.

In a disclosure to the Philippine Stock Exchange, the company said that its full-year net income attributable to its parent firm for 2012 is expected to hit P567.2 million, which is a 24-percent increase from the P455.9 million the company earned in 2011.

“The increase in net income attributable to the parent was the result of other income earned from ACR’s pipeline of ongoing power projects,” the disclosure added.

Energy fees from ACR’s power generation subsidiaries in Sarangani province and Zamboanga City remained almost the same for the year, but sales and service income from the LiMa Technology Center—a business park in Lipa-Malvar, Batangas jointly owned by ACR’s Alsons Land Inc. and Marubeni Corp. of Japan—increased from the expansion of major locators, the company said.

On December 12, 2012, ACR completed the financing for the first phase of its coal-fired power plant project in Maasim, Sarangani under power subsidiary Sarangani Energy Corp.

“The SEC Power Plant, with a full two-phase capacity of up to 210 megawatts, is intended to be part of a long-term solution to the current power shortage in Mindanao. The first phase of the plant will generate 105mw of electrical power,” the firm said in a statement.

The construction process for phase 1 of the SEC power plant began in June last year with the commencement of detailed design and engineering work.

Geotechnical studies on the site area followed in July 2012, with more development works coming up in the first quarter of this year.

Phase 1 of the SEC power plant is expected to begin operations by August of 2015.

With this development, ACR has now set its sights on developing its next 105-MW power plant project to be located in San Ramon Barangay Talisayan, Zamboanga City, which will be undertaken by ACR power subsidiary San Ramon Power Inc.

SRPI obtained its Environmental Compliance Certificate in early 2012, and finalized an engineering procurement and construction contract with Daelim Industrial of South Korea in December 2012.

From these developments, ACR is continuing to explore fund-raising initiatives, including raising equity in the international markets.    source