By MYRNA VELASCO
THE higher dispatch of its diesel-fired power facilities had mainly shored up the nine-month profitability of Alsons Consolidated Resources Inc. (ACR) this year, rising 19-percent on its consolidated net income to P685 million from 2014 level of P574 million.
That was even against the backdrop of lower income logged by parent at P275 million from January to September compared to last year’s healthier outcome of P307 million.
“The decline (in parent income) came from a revaluation of the dollar-denominated debt registered at parent level coming from the recent weakening of the Philippine peso versus the US dollar,” publicly listed Alsons has noted.
It emphasized that “without this non-recurring loss, parent income would have been P474 million for the nine-month period, 54-percent higher than last year’s net income attributable to the parent.”
Overall though, the Alcantara group has noted that revenue stream from its optimally utilized plants had been brisk during the review period – that was amid marked decline in electricity rates.
“Despite the lower price indices used in computing tariffs for the period, net income still increased due to the higher dispatch of electricity sold by three diesel-fired power plants,” Alsons has reiterated.
These generation facilities include the 103-megawatt Mapalad Power plant in Iligan City; the 100MW Western Mindanao Power plant in Zamboanga City; and the 55MW Southern Power plant in Alabel, Sarangani province. –www.mb.com.ph