ALCANTARA-LED Alsons Consolidated Resources, Inc., reported an attributable net income of P255.98 million for the second quarter, more than double the P90.52 million a year ago, driven by higher revenue during the period.
In a stock exchange disclosure on Monday, the company said its second-quarter gross revenue stood at P3.61 billion, a 32.2% increase from P2.73 billion in the same period last year.
For the January-to-June period, the company’s attributable net income rose to P346.15 million, up by 91.6% from P180.68 million last year.
Alsons’ net income for the first semester surged to P1.17 billion, almost double the P689 million previously.
Its profit rise for the period was mainly driven by the increase in revenues, the company’s financial report showed.
For the first semester, the listed energy company’s gross revenue expanded 28.1% to P6.93 billion compared with P5.41 billion in the corresponding period a year ago.
The company’s 210-megawatt (MW) Sarangani Energy Corp. continued to deliver contributions to revenues and earnings, Alsons said.
Sarangani Energy provides power to several areas in Mindanao such as Sarangani province, General Santos, Cagayan de Oro, Iligan, Dipolog, Dapitan, Pagadian, Samal, Tagum, Kidapawan, and Butuan.
Alsons cited the operations of the 100-MW Western Mindanao Power Corp. (WMPC) as another key revenue contributor for the period.
WMPC is the operator of a diesel power plant in Zamboanga City. It is the only major power generation facility in the Zamboanga Peninsula, supplying power to Zamboanga City and providing ancillary services to National Grid Corp. of the Philippines.
Alsons said it will be focusing on expanding its renewables capacity in the next five years, with several renewable energy facilities in the pipeline.
It said its 14.5-MW Siguil hydropower plant is expected to start operations by yearend. Two more renewable energy projects are targeted for development, namely: a hydro and solar power project in Zamboanga del Norte with an expected capacity of about 37.8 MW and a hydropower project in Bago River, Negros Occidental with a targeted capacity of 42 MW.
To date, Alsons has four power facilities with a combined capacity of 468 MW. The company serves 14 cities and 11 provinces in the country. — Ashley Erika O. Jose