In March 29, 2012, the Alsons Consolidated Resources, Inc. (ACR) Board of Directors held a meeting in which the Company reviewed and approved its consolidated audited financial statements for 2011. Its net income in 2011 grew by 20% compared to 2010.
Mr. Tomas I. Alcantara, ACR Chairman and President, is pleased to announce that consolidated revenues grew by 8% from P2.71 billion in 2010 to P2.94 billion in 2011. Energy fees from its power subsidiaries continued to comprise more than 70% of these revenues with the balance accounted for by property subsidiary Lima Land, Inc. Net income attributed to the parent grew by 20% from P378 million in 2010 to P456 million in 2011, bringing the Company's earnings per share up from P0.060 to P0.072. Mr. Alcantara noted that earnings by ACR in 2012 will be boosted by the projected re-acquisition of the former Iligan Diesel Power Plant from Iligan City very soon. The City had taken over the 102MW diesel plant from NAPOCOR some two years ago and has awarded it to ACR subsidiary Mapalad Power Corporation (MPC) after it won the plant in a public bidding in 2011. He reported to the Board that once MPC takes over of the idle plant, it can rehabilitate the plant and bring it up to full 102MW capacity in six months, thereby immediately bringing additional power generating capacity to electricity-starved Mindanao island.
Finally, the Board also ratified management's action made last 30 December 2011 of ACR joining other companies within the Alcantara Group who are all stockholders of Australian listed company Indophil Resources NL to make decisions together in relation to all actions required of Indophil shareholders whenever such actions are needed.
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