Alsons Consolidated Posts 55% Growth in 2014 Revenues
Manila–(PHStocks)–Alsons Consolidated Resources Inc. (PSE: ACR), the publicly-listed company of the Alcantara Group, reported a 55% increase in revenues to PhP5.2 billion in 2014 from PhP3.3 billion in 2013. The growth in 2014 revenues came mainly from full-year operation of the 103MW Mapalad Power Corporation (MPC) diesel plant in Illigan City. The MPC plant was reacquired and rehabilitated in 2013, commencing commercial operations in September 2013.
Consolidated net income from continuing operations in 2014 was 28% higher at PhP727 million from the previous year’s PhP569 million. But taking into consideration non-recurring income from discontinued operations of PhP196 million in 2013, total consolidated net income declined slightly to PhP727 million in 2014 from PhP765 million in 2013.
ACR’s net income attributable to the parent from continuing operations was up 44% at PhP359 million from the previous year’s PhP249 million, But again non-recurring net income attributable to the parent from discontinued operations of PhP146 million in 2013, declined slightly from PhP395 million in 2013 to PhP359 million in 2014. Earnings per share (EPS) also declined by 9% from P0.0063 in 2013 to P0.057 in 2014.
In that same meeting the ACR board also approved the budgeted figures for the company in 2015 with revenues forecasted to register an increase to PhP6.1 billion, coming mainly from the projected start of commercial operations of the first 105 MW of Sarangani Energy Corporation’s 210 MW coal-fired power plant in the 4th quarter of 2015. It forecasts a net income attributable to the parent in 2015 of Php613 Million or an EPS of PhP0.098 in that year.
The board also approved the declaration of 100% of wholly-owned subsidiary ACR Mining Corporation (ACRMC) as a property dividend at a record date to be announced soor after the Securities and Exchange Commission approves ACRMC’s increase in authorized capital. The increase will accommodate a planned conversion of about PhP33 million n the company’s debt into equity. A cash dividend equivalent to 10% of the amount of ACRMC equity to be distributed was likewise declared. Finally, the board also approved the setting of the annual stockholder’s meeting of the company to May 22, 2015 to stockholders on record as of April 13, 2015.
Apart from the MPC diesel plant, ACR’s currently-operating power generation facilities are: the Southern Philippines Power Corporation’s (SPPC) 55 MW plant in Alabel, Sarangani, the 100 MW Western Mindanao Power Corporation (WMPC) plant in Zamboanga City. All three diesel plants have significantly contributed to alleviating the power shortage in Mindanao.
ACR is developing coal-fired power facilities to help provide a stable source of baseload power for Mindanao and ensure long-term power security for the island. These facilities are: the 105 MW San Ramon Power, Inc. (SRPI) plant in Zamboanga City and the 210 MW Sarangani Energy Corporation (SEC) plant in Maasim, Sarangani. The SEC plant is in the advanced stages of construction and will beging commercial operations in the 4th quarter of 2015 with an initial capacity of 105 MW. The SEC plant is expected to be operating at its full 210 MW capacity by 2017. The SRPI power plant facility in Zamboanga is expected to begin construction in 2016.
The Alcantara Group, through its other subsidiaries aside from ACR, is also engaged in aquaculture and agribusiness, property development and services. It has been an active player in the economic development of Mindanao and the rest of the Philippines for over fifty years.