Alsons Consolidated Resources Corp. said Thursday revenues jumped 42 percent in 2016 from a year ago, but net income declined 8 percent mainly because of finance charges on a project loan for the Sarangani coal plant.
Alsons said in a disclosure to the stock exchange net income fell 8 percent in 2016 to P636 million from P691 million in 2015 while net income attributable to the parent company increased 69 percent to P317 million from P188 million. Earnings per share rose 72 percent to P0.05 in 2016 from P0.028 in 2015.
Alsons operating profit increased 25 percent to P1.89 billion in 2016 from the previous year’s operating profit of P1.51 billion. Earnings before interest, taxes, depreciation and amortization jumped 52 percent to P2.69 billion from P1.78 billion in 2015.
Consolidated revenues surged 42 percent to P7.07 billion last year from P4.97 billion in 2015 after the first 105-megawatt unit of the Sarangani Energy Plant in Sarangani province started operating in April 2016.
The Sarangani plant provides baseload power to over three million people residing in the provinces of Sarangani, Compostela Valley, Agusan del Norte and Agusan de l Sur; the cities of General Santos, Iligan, Butuan, and other major population centers in Mindanao.
The company began construction of SEC’s second 105-MW section in January and targets to complete it in the first half of 2019.
The second unit will benefit an additional three million residents of South Cotabato, Davao del Sur, Zamboanga del Norte, Zamboanga del Sur, Cagayan de Oro City and other areas in Mindanao.
The Sarangani power facility was built at a cost of nearly $600 million and is the single largest investment in Sarangani province and the entire Region 12.
Alsons also operates three diesel power facilities in Mindanao.