Alsons Consolidated Resources (ACR) reported a Php379 million consolidated net income for the first three months of 2021, a 22.3% increase from the Php310 million it posted in the same period last year.
In a disclosure to the Philippine Stock Exchange on Friday, the company’s net earnings attributable to the parent went up 69.1% to Php93 million from Php55 million previously. Consolidated revenues for the first three months of the year were lower, though, at Php2.16 billion from Php2.21 billion in the first quarter of 2020.
General and administrative expenses also declined by 29.4% to Php113 million from Php160 million year-on-year due to lower marketing and transportation expenses given that most of the company’s personnel are on work-from-home arrangements to avoid getting infected by COVID-19.
Net finance charges for the quarter likewise went down to Php459 million from Php506 million in the first three months of 2020 due to the lower interest of the parent firm resulting from the refinancing of its long-term loan last December.
ACR is currently in the middle of constructing a 14.5-megawatt (MW) run-of-river hydroelectric power plant worth Php4.5 billion at the Siguil River basin in Maasim, Sarangani that is expected to commence commercial operations in early 2022. Also in the company’s pipeline is the Php16 billion 105MW San Ramon Power, Inc. baseload coal-fired power plant in Zamboanga City.
The company is slated to focus on renewables with at least 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 22MW Siayan (Sindangan) hydroelectric power plant in Zamboanga Del Norte and the 42MW Bago hydro plant in Negros Occidental.