Alsons Consolidated Resources Inc. said Tuesday its board approved the issuance of commercial paper worth P3 billion in tranches, with the first tranche of P2 billion to be issued next year.
Alsons said net income in the first nine months increased to P1.66 billion from P587.7 million in the same period last year on the improved performance of its subsidiaries.
Net income attributable to the parent went up to P360.59 million in the nine-month period from P54.94 million a year ago.
Revenues showed a significant improvement to P7.31 billion from P4.67 billion in the same period in 2019.
“For the rest of the year, we remain cautiously optimistic on the financial performance of the company. We expect higher revenues and profit margins from the full commercial operations of the Sarangani Energy plant. We will also reap the benefits of lower operating costs as we continue to maintain cost efficiency measures,” Alsons deputy chief financial officer Philip Edward Sagun said.
The fully-operational Sarangani Energy Corp. power plant continued to be a major revenue driver for the company along with the continuing operations of Western Mindanao Power Corp. and other diesel power plants.
Alsons said its continuing pursuit of new power projects would help in the economic recovery and revival from the recession bought about by the COVID-19 pandemic.
“ACR’s continuing pursuit of new power projects in Sarangani Province, Zamboanga City, Zamboanga del Norte and Negros Occidental is our contribution to the economic recovery of our country by helping create new jobs and stimulate the local economies in these areas,” Alsons executive vice president Tirso Santillan Jr. said.
The company has a portfolio of four power facilities with an aggregate capacity of 468 MW serving over eight million people in 14 cities and 11 provinces in the country’s second largest island.
Its projects in the pipeline include the P4.5-billion 14.5-MW Siguil hydro run of river hydroelectric power plant in Maasim, Sarangani province and the P16-billion 105-MW San Ramon Power Inc. baseload coal-fired power plant in Zamboanga City.