Alsons Posts 41% Growth in 1H 2015 Income
Makati—(PHStocks)—Alsons Consolidated Resources Inc. (PSE: ACR), the publicly listed company of the Alcantara Group, reported a 41% net income attributable to the parent to PhP218.9 million in the first half of 2015 from PhP155.5 million in the same period last year. These figures translate to earnings per share of PhP0.035 in 2015 as against PhP0.025 in the same period last year. Consolidated net income grew 34% to PhP484 million in 2015 from PhP361 million in 2014.
ACR’s revenues for the first half of 2015 were at PhP2.5 billion, identical to the company’s revenues for the same period in 2014. ACR’s three operating diesel power plants in Mindanao continue to be the main revenue drivers for the company. The three diesel plants sold 12% more electricity during the period from 633GWh in 2014 to 709GWh in 2015, triggered by the continuous shortage of power in Mindanao.
Gross profit in the first half of 2015 rose by 27% to PhP972 million from PhP766 million in the same period last year due to lower cost of sales figures. Gross profit margins in the first half of the year improved from 31% in 2014 to 39% in 2015.
The company also announced the recent approval by the Securities and Exchange Commission (SEC) of ACR’s declaration of wholly-owned subsidiary ACR Mining Corp. (ACRMC) as a property dividend. Under the property dividend, shareholders of ACR as of the projected record date will receive shares in ACRMC. ACRMC currently has rights to a 75% participating interest in a joint venture to develop a mining project covering 1,547.32 hectares in Nabunturan, Davao del Norte and Maco, Compostela Valley. ACR said that actual distribution of the ACRMC shares can be made only after obtaining clearances and approvals from other regulatory agencies. The date for the distribution of ACRMC shares will be announced soon after the appropriate clearances are secured.
ACR’s currently-operating power generation facilities are: the 103MW diesel power plant of the Mapalad Power Corp. (MPC) in Iligan City; the Southern Philippines Power Corp.’s (SPPC) 55MW power plant in Alabel, Sarangani; and the 100MW Western Mindanao Power Corp. (WMPC) plant in Zamboanga City. All three diesel plants have significantly contributed to alleviating the power shortage in Mindanao.
ACR is also 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 105MW San Ramon Power Inc. (SRPI) plant in Zamboanga City and the 210MW Sarangani Energy Corp. (SEC) plant in Maasim, Sarangani. The SEC plant is in advanced stages of construction and will begin commercial operations within the first quarter of 2016 with an initial capacity of 105MW. The SEC plant is expected to be operating at its full 210MW capacity in 2018.
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 over fifty years.