Alsons earnings plunge to P103M
Alcantara-led Alsons Consolidated Resources Inc. saw its net income plunge to P103 million last year from P636 million a year earlier, partly due to higher finance charges.
Finance charges grew 39 percent to P1.2 bllion mainly because interest on the project loan for SEC’s first section was fully recognized as an expense only in 2017.
ACR’s consolidated revenues amounted to P6.5 billion while operating income increased by 19 percent to P1.89 billion.
The company expects to begin commercial operations of section 2 of the 210-megawatt Sarangani Energy Corp. baseload coal-fired power plant within the first quarter of 2019.
Other major projects on track for completion in the next few years are the P3.7 billion 15.1 megawatt run-of-river hydroelectric power project at the Siguil Riber basin in Maasim, Sarangani province and the 105 MW San Ramon Power b aseload coal-fired power plant in Zamboanga City.