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ACR sees Php 6.1-B revenues in 2015

Posted on March 30, 2015

By Juzel L. Danganan

MANILA, March 30 (PNA) — Alson’s Consolidated Resources Inc. (ACR) expects its revenues to increase to Php 6.1 billion this year with the commercial operations of the first phase of Sarangani Energy Corp.’s (SEC’s) 210-megawatt (MW) coal-fired power plant during the fourth quarter.

“The ACR board also approved the budgeted figures for the company in 2015 with revenues forecast to register an increase to P6.1 Billion, coming mainly from the projected start of commercial operations of the first 105 MW of Sarangani Energy Corporation’s 210-MW coal-fired power plant in the 4th quarter of 2015,” ACR said in a statement Monday.

The company also expects a net income attributable to the parent firm for 2015 worth Php 613 million, equal to earnings per share of Php 0.098.

ACR also approved the declaration of property dividend by its wholly-owned subsidiary ACR Mining Corp. (ACRMC) after the Securities and Exchange Commission (SEC) allowed the subsidiary to hike its capital, which would the firm’s Php 33 million debts into equity.

The annual stockholder’s meeting of the company was scheduled on May 22, 2015 to stockholders on record as of April 13.

ACR’s earnings per share also fell by 9 percent from Php 0.057 in 2014 to Php 0.063 in 2013.

For 2014, ACR’s revenues went up by 55 percent to Php 5.2 billion from Php 3.3 billion in 2013.

ACR’s growth was driven by the full-year operation of the Iligan-based 103 -MW Mapalad Power Corp. (MPC) diesel plant, which had commenced commercial operations in Sept 2013.

Its consolidated income for operations in 2014 was 28 percent higher at Php 727 million from Php 569 million in 2013.

However, ACR’s previous non-recurring income of Php 196 million in Lima land had ceased in 2013 due to its sell-off to Aboitiz, slightly affecting its consolidated net income to drop to Php 727 million from Php 765 million in 2013.

ACR’s net income attributable to the parent from continuing operation was 44 percent higher at Php 359 million from 2013’s Php 395 million.

Meanwhile, ACR noted that construction of its SRPI power facility in Zamboanga will begin next year, while it expects that the present 105 MW Sarangani plant will reach its full capacity by 2017.

ACR is under the Alcantara group, which is also engaged in aquaculture and agribusiness, property development and services. (PNA)

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