In a disclosure of Alsons Consolidated Resources, Inc. (ACR) - the publicly listed holding company of the Alcantara Group, reported a 7% increase in first quarter revenues, to P727.5 Million in 2012 from P672.8 Million in the first quarter of 2011. The biggest contribution to the holding companys revenue came from ACR's power generation subsidiaries based in Alabel, Sarangani and Zamboanga City which earned P521.2 Million in the first quarter of 2012 from P505.4 Million for the same period in 2011. The largest revenue increase among ACR's subsidiaries was reported by Lima Utilities Corp. and Uma Water Corp. which registered a 25% increase in power and water sales, respectively, to locators inside the Uma Technology Center in Malvar, Batangas, registering P186.9 Million in sales in the first quarter of 2012, from the previous year's P149.7 Million.
The company also disclosed that net income declined for the first quarter of 2012 to P91.5 Million from P165.5 Million in the same period last year due to non-recurring income generated by the company in 2011. ACR further disclosed that it expects net income to improve significantly for the rest of 2012 as the company begins to rehabilitate and operate the 100 MW Iligan Diesel Power Plant.
In the same disclosure, ACR chairman and president Tomas I. Alcantara reported that the first phase of the Sarangani Energy Corporation (SEC) Power Plant in Alabel, Sarangani, is set to begin construction within the second quarter of 2012, as all key project contracts have been completed and signed. The SEC plant with an initial capacity of 105 MW will provide 70 MW to the Province of Sarangani, the City of General Santos, and two municipalities of South Cotabato under a power sales agreement with the South Cotabato 2 Electric Cooperative (SOCOTECO2). Mr. Alcantara also announced that similar agreements are being finalized with other utility cooperatives and export-oriented companies that are significant power consumers. Phase 1 of the Sarangani Energy plant is expected to commence operating in early 2015.
Mr. Alcantara further disclosed that the company has secured a US$71.S Million Exchangeable Note facility from a major ACR shareholder--- Alsons Per Holdings Corp. Proceeds from the facility will be used by the company to fund its 75% equity investment in Sarangani Energy Corporation, the project company that will undertake the power plant project in the Sarangani Province.
Finally, the ACR board approved a P0.01 per share cash dividend to all stockholders on record as of May 18, 2012 and payable on June 14, 2012.
Aside from power generation and power plant management, the Alcantara Group is engaged in aquaculture and agribusiness, real property development, and services. It has been an active player in the economic development of Mindanao and the rest of the Philippines for over fifty years
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