Alsons expects P567-M profit in 2012

ABS-CBN News

Posted at Jan 07 2013 11:04 AM | Updated as of Jan 07 2013 07:04 PM

MANILA, Philippines - The Alcantara group's Alsons Consolidated Resources Inc. expects to post a net income of P567 million for 2012, on the back of higher income from its ongoing power projects. 

The 2012 profit is 24% higher than the P455.9 million in net income attributable to the parent recorded in the previous year. 

While energy fees from ACR's power generation subsdiaries in Saragani province and Zamboanga were flat, the company said sales and income from the LiMa Technology Center have increased. The business park in Lipa-Malvar, Batangas is jointly owned by Alsons Land and Japan's Marubeni Corp. 

Last December, the company completed financing for the first phase of its coal-fired power plant project in Maasim, Sarangani. Phase 1 of the power plant is expected to begin operations by August 2015. 

ACR is planning to develop a 105MW power plant in San Ramon Barangay Talisayan, Zamboanga City. Its power subsidiary San Ramon Power Inc. has alerady obtained the environmental compliance certificate last year and finalized an engineering procurement and construction contract with South Korea's Daelim Industrial. 

ACR is also in the process of securing the transfer of ownership of the Iligan Diesel Plant after it won the bidding conducted by the Iligan city government. The company said this will pave the way for the immediate rehabilitation and operation of the power facility in time to provide much-needed electricity to Mindanao in the summer months. 

"Due to these developments, ACR is continuing to explore fund-raising initiatives, including raising equity in the international markets," the company said in a statement.