Alsons’ net income slipped 13% to P479m in Q1 on plant outage

By Alena Mae S. Flores – May 17, 2024, 7:40 pm
from manilastandard.net

Alsons Consolidated Resources (ACR), a publicly listed company of the Alcantara Group, said Friday it posted a net income of P479 million in the first quarter of 2024, down 13 percent from P542.27 million in the same period in 2023.

ACR said in a disclosure to the stock exchange net earnings attributable to its parent were 3 percent lower than the previous year at P151 million from P155.8 million.

“The lower income figures were mainly due to the forced outage experienced by Sarangani Energy Corporation’s Plant 1 from Dec. 3, 2023 to Feb. 20, 2024, caused by the magnitude 6.8 earthquake that hit Sarangani province” said ACR deputy chief financial officer Philip Edward Sagun.

First-quarter revenues also decreased 21 percent to P2.62 billion from P3.31 billion.

ACR said that despite the slowdown in growth, it remained optimistic about ending the year with strong performance.

ACR has an aggregate capacity of 468 megawatts, serving more than eight million people in Mindanao. The company is set to commence commercial operations of its 14.5-megawatt Siguil Hydro Power Project in Sarangani this year.

It is also developing two other renewable energy projects in the Visayas and Mindanao: the 42-MW Bago Hydro Power Project in Negros Occidental and the 37.8-MW Siayan Hydro Power Project in Zamboanga.

ACR will also launch its 95.2-megawatt In-Island Baseload Back-up Power Plant project in Barangay Imelda, Ubay, Bohol that will ensure a reliable power supply to the province in case it becomes isolated from the Visayas Grid due to emergencies or natural disasters.