Alsons posts weaker first quarter amid higher costs
Alsons Consolidated Resources Inc., the listed company of the Alcantara Group, logged a lower first-quarter profit due to elevated debt-related costs.
In a disclosure Friday, the company said its earnings dipped to P472 million.
This was down 1.46 percent from a year ago’s P479 million. Net income attributable to the parent company also decreased by 8.6 percent to P137 million from P150 million.
Meanwhile, revenues saw a 14-percent increase to P2.99 billion from P2.62 billion. This was driven by its energy subsidiaries.
Alsons operates three power facilities, which supply electricity to more than eight million consumers in Mindanao.
The group said its 237-megawatt (MW) Sarangani Energy Corp. baseload power plant, which supplies power to Mindanao, recorded “strong performance.”
Contributions from its 103-MW Mapalad Power Corp. in Iligan and 100-MW Western Mindanao Power Corp. in Zamboanga also helped lift its top line.
Although the company recorded a weaker bottom line, it remained confident about bouncing back.
