Alcantara riding high Sarangani power plant powers 1H profits
Alsons Consolidated Resources Inc. (ACR) of the Alcantara Group said the full-year operation of its Sarangani power plant pushed profits higher in the first half of the year.
The company said its net income went up seven percent to P269 million in the first six months this year from P251 million during the same period last year. Net income rose 63 percent P85 million from P52 million.
Earnings per share in the first semester grew 75 percent from P0.008 to P0.014.
ACR reported a 12 percent increase in revenues from P3.20 billion to P3.58 billion, with the first 105-megawatt (MW) section of the 210 MW coal-fired baseload power plant in Maasim, Sarangani contributing P2.19 billion to the total.
The firm said financial results for the first half of the year were right on track with its 2017 operating plan and budget and it looks forward to achieving significant revenue and income growth at the end of the year.