Alsons Resources Corp. reported a 26.5-percent increase in first-quarter net income to P103.138 million from P81.526 million in the same period last year on lower financing charges.
Alsons said in a disclosure to the stock exchange revenues reached P1.678 billion in the first three months, higher than P1.648 billion a year earlier.
The company said the cost of goods and services in the quarter was slightly lower at P1.177 billion, compared to last year’s P1.185 billion “due mainly to the lower fuel costs as a result of lower energy delivered this year.”
Net finance charges decreased to P255 million in the first quarter from P270 million a year ago because of the partial pre-payment of long-term debt of the parent company and settlement of short-term loans before the end of last year.
Alsons said the parent company registered a loss of P20 million in the first quarter, against the P35-million income earned in the same period last year.