Alsons Consolidated Resources, Inc. (ACR), the publicly listed holding company of the Alcantara Group, reported a 9% increase in revenues for the 1st half of 2012, to P1.49 billion from P1.36 billion in the first half of 2011.
In a disclosure to the Philippine Stock Exchange (PSE), the ACR said the biggest contribution to the holding company's revenue came from ACR's power generation and power plant management subsidiaries with facilities based in Alabel, Sarangani and Zamboanga City which earned P1.067 billion in the first half of 2012 from P1.026 billion for the same period in 2011.
ACR's real property development and management subsidiary -Lima Land, Inc. (LLI) was the second largest revenue contributor with revenues at P426.6 million in the first half of 2012, from the previous year's P341.3 million.
ACR's consolidated core net income for the 1st half 2012 was up 1.04 % compared to the same period last year. The non-recurrence of insurance claim payments made to ACR in the 1st half of 2011 however resulted in consolidated non-core net income for the 1st half of 2012 being reported as a 28% decline to P485.1 million from P676.3 million in 2011.
As a result of this, the company's net income attributable to the parent of P163.3 million reflected a reduction by 43% from the previous year's P289 million. Despite this, ACR is confident that it will hit its full-year 2012 targets of P4.752 billion in revenue and P456 million in net income attributable to the parent. The company expects better results in the 2nd half of 2012 due to anticipated additional income from the operation of the 100 Mega Watt (MW) Iligan Power Plant before the end of 2012.
The Alcantara Group, through its other subsidiaries aside from ACR, is also 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.