Alsons net income rises to P504M

ALSONS Consolidated Resources (ACR), the listed firm of the Alcantara Group, said Tuesday that attributable net income in the first nine months grew to P504.60 million from P451.10 million a year earlier.

Overall net income also climbed to P1.78 billion from P1.35 billion, while revenues rose to P10 billion from P9.25 billion a year earlier.

ACR said it was focused on the higher potential of the renewable energy market, with its 14.5-megawatt (MW) Siguil Hydro power plant scheduled for completion by yearend.

The firm said it also expanded its renewable energy initiatives in Mindanao with the development of a combined hydro and solar power project in Zamboanga del Norte with a potential combined capacity of 37.8 MW.

It is also expanding in the Visayas with a hydropower project in Bago River, Negros Occidental, with a planned capacity of 42 MW.

Alsons’ share price was up a centavo to P0.56 on Tuesday.