A strong earthquake that hit Sarangani province in December sent shock waves that undermined the earnings of Alsons Consolidated Resources, a publicly listed company of the Alcantara Group., in the first quarter.
ACR said net income in the first quarter declined 13 percent to P479 million as revenue dropped 21 percent to P2.62 billion.
“The lower income figures were mainly due to the forced outage experienced by Sarangani Energy Corporation’s Plant 1 from December 3, 2023 to February 20, 2024, caused by the magnitude 6.8 earthquake that hit Sarangani province,” said ACR deputy chief financial officer Philip Edward Sagun.
Despite the slowdown in growth, ACR remains optimistic about ending the year with strong performance. ACR currently has an aggregate capacity of 468 Megawatts, serving more than eight million people in the Mindanao region.
As part of it power portfolio diversification, the company will start commercial operations of its 14.5-megaWatt Siguil Hydro Power Project in Sarangani this year and is developing the 42-MW Bago Hydro Power Project in Negros Occidental and the 37.8-MW Siayan Hydro Power Project in Zamboanga.
ACR is also anticipating the launch of its 95.2-megawatt In-Island Baseload Back-up Power Plant project in Bohol. This facility will ensure a reliable power supply to the province in case it becomes isolated from the Visayas Grid due to emergencies or natural disasters.
