Alsons Consolidated Resources Inc. (ACR) expressed optimism of its financial performance for the year despite the pandemic.
“For the rest of the year, we are cautiously optimistic on the financial performance of the company. We expect higher revenues and profit margins from the full operations of SEC 2 (Saragani Energy Corp. phase 2) and we continue to realize incremental revenues from ancillary services,” said Philip Edward Sagun, ACR deputy chief finance officer, at the company’s virtual stockholders’ meeting on Friday.
Sagun said ACR will benefit from lower operating costs by implementing cost efficiency measures as well as initiatives to be more competitive and further improve profit margins.
The company earlier announced plans to focus on energy and divest from property business.
“…We are still looking for a way of accomplishing this – to dispose ALC (Alsons Land Corp.) now or have ALC developed and dispose of its properties later. We are still studying the most effective way. Rest assured that we will do it in the way that best maximizes stockholder value,” said
Tirso Santillan, Jr., ACR executive vice president and chief executive officer.
ACR has a portfolio of four power facilities with an aggregate capacity of 468 megawatts (MW) serving over eight million people in 14 cities and 11 provinces including key urban centers such as Cagayan de Oro, General Santos, Iligan and Zamboanga City.