Alsons Consolidated Resources Inc., the publicly listed company of the Alcantara Group, posted a consolidated net income of ₱104.359 million in the first three months of 2019, slightly up from ₱103.139 million year-on-year.
Attributable net earnings to the parent company during the period jumped 69 percent to ₱6.11 million from a net loss of ₱19.74 million in 2018. First-quarter revenues were down slightly to ₱1.22 billion from ₱1.67 billion a year ago.
The first 150-megawatt Section 1 of baseload coal-fired power plant of Sarangani Energy Corp. in Maasim, Sarangani province remains the key driver of revenue and income for Alsons.
“The company hopes to recover the shortfall when SEC 2 comes online in the second half of this year. The company has embarked on initiatives for its diesel plants to provide ancillary services to the National Grid Corp. of the Philippines,” said Alsons.
Western Mindanao Power Corp. has signed an ancillary services procurement agreement with National Grid Corporation of the Philippines to provide NGCP with dispatchable generating capacity, reactive power support and black start capability in order to stabilize the power grid in the Zamboanga Peninsula.
“The company is likewise actively exploring prospective markets for its diesel capacity in areas outside of Mindanao where the demand for power is growing,” Alsons said.
The SEC plant’s first section with a capacity of up to 105 MW began operating in April 2016 and currently delivers power to over three million people in the General Santos-Sarangani area and other parts of Mindanao.
The plant’s second section is currently in the commissioning stage. It is targeting to start commercial operations in the second half of 2019.
SEC 2 is set to contribute another 105 MW of base-load power to benefit an additional three million people in various parts of Mindanao when it begins operating later this year.
Other projects in ACR’s pipeline include the ₱4.25-billion, 14.5-MW run-of-river hydroelectric power project at the Siguil River basin in Maasim, Sarangani province, which is Alson’s initial entry in the renewable energy sector, and the 105-MW base-load coal-fired power plant of San Ramon Power Inc. in Zamboanga City.