Alsons net income tumbles to P197.4 M

By Myrna M. Velasco – November 19, 2018, 10:00 PM
from Manila Bulletin

The net income after tax of listed firm Alsons Consolidated Resources, Inc. (ACR) had dipped 71.9 percent to P197.39 million in this year’s three quarters from a heftier financial outcome of P274.48 million in the same period in 2017.

The earnings downturn, according to ACR Chief Finance Officer Robert F. Yenko, had been mainly “due to higher costs and finance charges this year.”

On revenues, the Alcantara firm similarly posted decline to P5.029 billion from the year-ago level of P5.22 billion.

Conversely, the company logged 11 percent increase on general and administrative expenses, already reaching P288 million in January to September vis-à-vis last year’s P259 million.

ACR said this was on account of “realignment of some of its diesel assets to serve markets outside of Mindanao, such as some of the off-grid areas and some parts of the Visayas where there is higher growth potential and greater demand for diesel power.”

ACR further reported that its gross profit margin had been up 28 percent, with the company delivering a steady gross profit of P1.404 billion, which was roughly the same level as last year.

Amid pro tem drawbacks, the company is looking forward to improved financial outcomes in the coming months and years – with three of its key projects nearing commercial operation and at construction stages.

When finally delivered to commercial phases, Yenko noted the three specified power projects of the Alcantara group “will deliver 225.1 additional megawatts to customers,” and will also underpin the growth trajectory of Mindanao’s economy.