Alsons Consolidated Resources Inc., the listed company of the Alcantara Group, said Thursday net income climbed to P310 million in the first quarter from P104 million in the same period last year.
Net earnings attributable to the parent also climbed considerably in the first quarter to P55 million from P6 million a year ago as consolidated revenues grew to P2.21 billion from P1.22 billion.
The company attributed the higher income and revenue in the first three months to the continuing operations of the company’s power plants including the 210-megawatt Sarangani Energy Corp.’s coal-fired baseload power plant in Maasim, Sarangani Province.
The SEC coal plant began operating at full capacity with the commencement of commercial operations of the second 105-MW section in October 2019.
“Our operations are ongoing, and we continue to dispatch power to our various customers in Mindanao,” Alsons executive vice president Tirso Santillan Jr. said earlier.