Alsons Income Rises in Q1 2021
Alsons Consolidated Resources, Inc. (PSE: ACR) – the publicly-listed company of the Alcantara Group –reported an increase in consolidated net income for the first three months of 2021. ACR’s net earnings in the first quarter of this year grew to PhP379 million from PhP310 million in the same period in 2020. The company’s net earnings attributable to the parent were also up in the first quarter of 2021 to PhP93 million from PhP55 million in the first quarter of 2020. Consolidated revenues for the first three months of the year were lower at PhP2.16 billion from PhP2.21 billion in the first quarter of 2020 – which included the first two and half months in 2020 before the government imposed a nationwide COVID-19 lockdown.
ACR is currently in the middle of constructing a PhP4.5 billion 14.5 mega-watt (MW) run-of-river hydroelectric power plant at the Siguil River basin in Maasim, Sarangani Province that is expected to commence commercial operations in early 2022. Also in the company’s pipeline is the PhP16 billion 105 MW San Ramon Power, Inc. baseload coal-fired power plant in Zamboanga City.
The company is slated to focus on renewables with at least seven more run- of -river hydroelectric plants in various stages of development. The next two hydro facilities in the company’s immediate pipeline are the 22 MW Siayan (Sindangan) Hydro plant in Zamboanga del Norte and the 42 MW Bago Hydro plant in Negros Occidental.
ACR Executive Vice President Tirso G. Santillan, Jr. said, “Amidst this ongoing pandemic, our power facilities continue operating to provide power to our customers serving around 8 million power consumers in 14 cities and 11 provinces in Mindanao. This year, we are on-track in the construction of our Siguil Hydro plant which we expect to begin operating in early 2022 to provide renewable, reliable and affordable power to key areas of Mindanao. This year we also expect to go into high gear in the development of our new power projects in Zamboanga City, Zamboanga del Norte and Negros Occidental.”