ALSONS Consolidated Resources Inc. (ACR) said on Monday that net income for the first nine months of 2024 improved by 6.3 percent, to P1.89 billion from P1.78 billion a year earlier, mostly due to contributions from power assets.
“This period’s financial performance stems from the stable profit margins across our power generation assets and the growing demand for electricity in the region,” ACR Deputy Chief Financial Officer Philip Edward Sagun said.
“Additionally, the implementation of the Ancillary Services Procurement Agreement (ASPA) of our Zamboanga and Iligan power plants has contributed to these favorable results,” he added.
Alsons said its power plants in Zamboanga and Iligan were providing essential ancillary services to National Grid Corp. of the Philippines (NGCP).
Last May, business unit Western Mindanao Power Corp. received provisional authority from the Energy Regulatory Commission for a firm ASPA with NGCP.
Alson’s nine-month revenues, meanwhile, fell to P8.92 billion from P10 billion last year, attributed to lower passed-on coal costs and forced outages from one of its plants.
Cost of goods sold and services decreased to P5.37 billion in the first three quarters from P6.45 billion due to the reduced cost of coal and replacement power.
General and administrative expenses increased to P441 on higher salaries, marketing expenses and transportation costs.
“We are actively expanding our retail electricity supply portfolio, and we are optimistic about adding more customers as we continue to strengthen our presence in the market,” Sagun said.
“The company is also focused on building its renewable energy portfolio,” he added.
ACR shares on Monday went up by P0.01, or 2.7 percent, to P0.47 apiece.
Be the first to comment