Manila—(PHStocks)—Alsons Consolidated Resources Inc. (PSE: ACR), a subsidiary of the Alcantara Group, expects its full-year net income attributable to the parent for 2012 is expected to hit PhP567.2 million. This shows a 24% increase from the PhP455.9 million the company earned in 2011. The increased net income attributable to the parent was the result of other income earned from ACR’s pipeline of ongoing projects.
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 the Marubeni Corporation of Japan, increased due to the expansion of major locators.
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 Corporation (SEC). The SEC Power Plant, with a full two-phase capacity of up to 210MW, 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 construction process for phase 1 of the SEC Power Plant began in June 2012 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 2013 with the civil works phase of construction. Phase 1 of the SEC Power Plant is expected to build operations by August 2015.
With this development, ACR has now set its sights on developing its next 105MW power plant project to be located in San Ramon Barangay Talisayan, Zamboanga City. This project will be undertaken by ACR power subsidiary San Ramon Power Inc. (SRPI). SRPI obtained its Environmental Compliance Certificate (ECC) in early 2012 and finalized an Engineering Procurement and Construction (EPC) contract with Daelim Industrial of South Korea last December 27, 2012.
In the first quarter of 2012, the City Government of Iligan granted an ACR power subsidiary the right to acquire the 102MW Iligan Diesel Plant after a successful public bidding. The transfer of ownership is current undergoing procedural review by the Commission on Audit (COA). The final transfer will pave the way for the immediate rehabilitation and operation of the power facility, in time to provide needed electricity to the Mindanao grid by the summer months of April to June of this year.
Due to these developments, ACR is continuing to explore fund-raising initiatives, including raising equity in the international markets. The Alcantara Group, through its other subsidiaries outside of ACR, is also engaged in aquaculture and agribusiness, real property development and services. It has been an active player in the economic development of Mindanao and the rest of the Philippines for over 50 years.