Alsons Consolidated Resources Inc. (ACR) recorded a 184-percent jump in net income for the first three quarters of 2020 to P1.66 billion from P587 million a year ago, attributed to contributions from its 210 megawatts (MW) coal-fired power plant.
Revenues for the period increased by almost 57 percent to P7.31 billion from P4.67 billion.
“For the rest of the year, we remain cautiously optimistic on the financial performance of the company. We expect higher revenues and profit margins from the full commercial operations of the Sarangani Energy plant. We will also reap the benefits of lower operating costs as we continue to maintain cost efficiency measures,” said Philip Edward Sagun, ACR deputy chief financial officer.
Tirso Santillan Jr., ACR chief executive officer, said the company will continue to pursue new power projects in Sarangani Province, Zamboanga City, Zamboanga del Norte and Negros Occidental to help create new jobs and stimulate the local economies and aid in the national economic recovery amid the pandemic.
Among the projects in the pipeline are the P4.5-billion, 14.5 MW Siguil run-of-river hydroelectric power plant in Maasim, Sarangani Province and the P16 billion 105 MW San Ramon Power baseload coal-fired power plant in Zamboanga City.
For the long-term, the company has at least seven other run-of-river hydroelectric plants in various stages of development with the next two facilities in the pipeline are the 22 MW Sindangan project in Zamboanga del Norte and the 42 MW Bago project in Negros Occidental.
ACR currently has a portfolio of four power facilities with an aggregate capacity of 468 MW serving over eight million people in 14 cities and 11 provinces. – J. Macapagal