Vol. XXI, No. 191 [ Business World Online ]
Wednesday, April 30, 2008 | MANILA, PHILIPPINES
LISTED HOLDING firm Alsons Consolidated Resources, Inc. posted a 21% growth in net income to P645 million last year after it settled debts and reduced costs.
In a financial report, the holding firm of the Alcantara group said its consolidated net income went up to P645 million from P532 million a year earlier.
"The growth could be attributed to the... settlement of debts as well as continued cost reduction activities in companies where the company has major stakes," it told the exchange.
Alsons said it had retired P299 million, resulting in lower liabilities now at P3.83 billion.
Total revenues of Alsons and its subsidiaries stood at P2.5 billion, with its energy and power business unit contributing P1.93 billion.
Revenues from its property development business rose to P33 million through the sale of lots from industrial estate and housing units in Campo Verde and Summer Hills.
But the company’s total revenues were down by 13% from 2006’s P2.86 billion, Alsons said, due to the appreciation of the peso. — Lovely Nica P. Lee
___________________________________________________________________
