By Lenie Lectura - August 15, 2019
ALSONS Consolidated Resources Inc.
(ACR) posted P293.08 million in net income from January to June this year,
higher than the P120.38 million it recorded in the same period a year ago.
Revenue for the fist six months of
the year was slightly down to P3.10 billion, from P3.48 billion at end-June
last year.
The Alcantara-led ACR is mainly
involved in the power business. It said that second-quarter earnings stood at
P188.72 million from P1.81 billion in the same period last year, while revenues
slightly improved to P1.87 billion from P1.81 billion.
The company attributed its strong
first-half performance to its unit Sarangani Energy Corp. (SEC) which operates
a coal power plant.
As in the past years, the first
105-megawatt section of ACR’s 210-MW SEC coal-fired baseload power plant
was the key revenue and income driver. The SEC plant’s first section began
operating in April 2016 and currently delivers power to more than 3 million
people in the General Santos-Sarangani area and other parts of Mindanao.
The second 105-MW section of SEC
(SEC 2) is currently completing its commissioning phase and will begin
commercial operations in the fourth quarter of this year. SEC 2 is set to
contribute another 105 MW of baseload power to benefit an additional 3 million
people in various parts of Mindanao. The impending operation of SEC 2 is
expected to significantly boost revenue and earnings for the company in 2019.
In the fourth quarter of this year,
ACR will begin civil works on the P4.25-billion, 14.5-MW run-of-river
hydroelectric power plant at the Siguil River basin in Maasim, Sarangani
Province. The project is ACR’s initial entry in renewable energy and will
provide additional power to the General Santos-Sarangani region when it begins
operations in 2022.
Another project in ACR’s pipeline is
the 105-MW San Ramon Power, Inc. baseload coal-fired power plant in
Zamboanga City, which is slated to begin operations in 2023. SRPI will select
the plant’s engineering procurement and construction contractor before the end
of October this year. ACR also has three bunker diesel plants in its portfolio:
the 103-MW Mapalad Power Corp. power plant in Iligan, the 55-MW Southern
Philippines Power Corp. (SPPC) power station in Alabel, Sarangani Province; and
the 100-MW Western Mindanao Power Corp. (WMPC) power plant in Zamboanga
City.
The WMPC diesel plant has entered
into an ancillary services procurement agreement (Aspa) with the NGCP to
provide dispatchable generating capacity, reactive power support, and black
start capability in order to stabilize the power grid in the Zamboanga
Peninsula (Western Mindanao/Region 9).
The SPPC diesel plant in Sarangani
also has a proposal to provide ancillary services to NGCP in order to help
stabilize the power grid in Region 12 or South-Central Mindanao.
Besides power generation, ACR is
engaged in property development. The company is in partnership with Ayala Land,
Inc. in the development of Azuela Cove, a 27-hectare township project in Davao
City. The first two Ayala Land Premier towers are under construction, with
initial turnover expected in the first quarter of 2023.
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