Alsons Consolidated Resources Inc., the publicly-listed company of the Alcantara Group, said Friday it posted a 22-percent increase in consolidated net income in the first quarter to P379 million from P310 million in the same period last year.
The company’s net earnings attributable to the parent were also up in the first quarter to P93 million from P55 million a year earlier.
“Amidst this ongoing pandemic, our power facilities continue operating to provide power to our customers serving around 8 million power consumers in 14 cities and 11 provinces in Mindanao," Alsons executive vice president Tirso Santillan Jr. said in a statement.
Consolidated revenues in the first three months were lower at P2.16 billion compared to P2.21 billion in the same period last year, which included the first two and half months before the government imposed a nationwide COVID-19 lockdown.
Alsons is in the middle of constructing a P4.5-billion 14.5 megawatt run-of-river hydroelectric power plant at the Siguil River basin in Maasim, Sarangani province that is expected to commence commercial operations in early 2022.
"This year, we are on-track in the construction of our Siguil hydro plant which we expect to begin operating in early 2022 to provide renewable, reliable and affordable power to key areas of Mindanao. This year we also expect to go into high gear in the development of our new power projects in Zamboanga City, Zamboanga del Norte and Negros Occidental," Santillan said.
Also in the company’s pipeline is the P16-billion 105-MW San Ramon Power Inc. baseload coal-fired power plant in Zamboanga City.
The company is slated to focus on renewables, with seven more run-of-river hydroelectric plants in various stages of development.
The next two hydro facilities in the company’s immediate pipeline are the 22-MW Siayan (Sindangan) hydro plant in Zamboanga del Norte and the 42-MW Bago hydro plant in Negros Occidental.