Alsons income slips 37% on lower revenues

ALSONS Consolidated Resources, Inc. (ACR) reported a 37.1% decline in it second-quarter net income attributable to owners to P174.19 million on the back of lower revenues.

The listed holding firm said in a regulatory filing on Friday that its revenues for the period fell 19.6% to P2.47 billion. Revenue from contract with customers reached P2.469 billion, while rental and other income contributed P2.64 million.

Core net earnings for the quarter rose 35.8% to P492.39 million compared with P362.49 million in 2020.

For the first half, ACR reported a 19.6% drop in its attributable net income to P267.06 million from P331.98 million the year earlier.

Revenues during the six-month period fell 12.5% to P4.63 billion. Of the total, revenue from contract with customers contributed P4.626 billion, while P5.39 million came from rental and other income.

Core net earnings of the company for the period reached P871.16 million, up 29.5% from P672.97 million a year ago.

According to ACR, its 210-megawatt (MW) Sarangani Energy Corp. baseload power plant was the key revenue and income driver.

The power plant supplies power to areas in Mindanao such as Sarangani province, General Santos, Cagayan de Oro, Iligan, Dipolog, Dapitan, Pagadian, Samal, Tagum, Kidapawan, and Butuan.

ACR has a portfolio of four power facilities that have an aggregate capacity of 468 MW serving more than eight million people across 11 provinces in Mindanao.

The company is expecting to add another power plant in its portfolio with the P4.5-billion 14.5-MW hydroelectric power plant being built in Sarangani’s Siguil River. The plant is set to begin operations in early 2022.

Moving forward, ACR said it would focus on its renewables segment with seven

hydroelectric plants in various stages of development.

“The next two hydro facilities in the pipeline following the Siguil Hydro plant, are the 22 MW Siayan (Sindangan) Hydro plant in Zamboanga del Norte and the 42 MW Bago Hydro plant in Negros Occidental,” the company said.

On Friday, shares of ACR at the stock exchange dropped 0.81% or one centavo to end at P1.23 apiece. — Revin Mikhael D. Ochave