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Friday, March 29, 2024

Alsons says earnings down 28% to P197m

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Alsons Consolidated Resources Inc. of the Alcantara Group reported a net income after tax of P197.4 million in the first nine months of 2018, down 28 percent from P274.5 million year-on-year, due to higher costs and finance charges.

Alsons’ net income attributable to the parent, however, increased 17 percent to P137.33 million from P117.66 million on year. Gross revenues during the period slightly declined to P5.029 billion  from P5.22 billion in the same period last year.

Alsons disclosed to the  Philippine Stock Exchange revenues were primarily driven by the operations of the 105-megawatt coal-fired power plant of Sarangani Energy Corp. in Maasim, Sarangani province. 

“ACR’s nine-month revenues were slightly lower than the P5.22 billion generated in the same period last year due mainly to the company’s realignment of some of its diesel assets to serve markets outside of Mindanao such as some of the off-grid areas and some parts of the Visayas where there is higher growth potential and greater demand for diesel power,” the company said.

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