Alsons Consolidated Resources Inc. reported a 15% increase in first-quarter net income to P543 million, driven by robust electricity demand in Mindanao despite global economic volatility.
In a regulatory filing on Friday, the Alcantara-led firm said net income attributable to the parent company surged 64% to P223 million from P137 million a year earlier. Consolidated revenues rose 12% to P3.36 billion from P2.99 billion in the same period last year.
The company attributed the stronger performance to sustained electricity demand in Mindanao, where its power assets serve key markets. "Sarangani Energy Corp. remains the primary driver of revenue and earnings for Alsons," the company said.
Alsons also cited contributions from its retail electricity supply unit, which currently supplies 118 megawatts to customers, and improved participation in the Wholesale Electricity Spot Market.
"The current geopolitical tensions have caused major economic shifts not only for the Philippines, but in other economies around the world," said Chief Financial Officer Roberto P. Ramos. "Yet amid this evolving landscape, our commitment to powering communities with care remains steadfast."
Ramos added that the company remains focused on reliable operations, disciplined execution, and prudent cost management amid challenging global conditions and shifting market dynamics.
Alsons said its latest results reflect the financial strength and stability of the Alcantara Group despite economic uncertainties. The company also noted significant progress on its two large-scale solar projects in Mindanao as it expands its renewable energy portfolio.