Alliance Global nets P11.5B

MANILA, Philippines - Andrew Tan-led conglomerate Alliance Global Group Inc. (AGI) posted a five percent increase in its net income to P11.5 billion in the first semester this year on broad growth across all its subsidiaries.

“Our group’s sustained profitability continues to be underpinned by AGI’s subsidiaries as they all consistently show visible earnings. All the consumer-centric companies that are majority-owned by AGI exhibited profitability in the first half of this year,” AGI president and chief operating officer Kingson U. Sian said.

AGI is engaged in property development, food and beverage manufacture and distribution, quick-service restaurants, and integrated tourism development businesses.

Consolidated revenues rose 11 percent to P65.4  billion year-on-year while net income attributable to AGI went up by four percent to P7.5 billion, all exclusive of non-recurring gains.

Anchor firm, property developer Megaworld Corp., posted a 12.5 percent increase in recurring earnings to P5.4 billion from P4.82 billion in the same period last year due to strong rentals and sales of its offices, malls and commercial centers.

Travellers International Hotel Group, Inc. (TIHGI), the owner and operator of Resorts World Manila (RWM), reported net income of P2.4 billion on gross revenue of P14.2 billion despite the reduction due to unrealized foreign exchange fluctuation amounting to P426 million.

Gaming revenues contributed almost 90 percent to total revenues at P12.5 billion as daily foot traffic grew to 19,718, a 5.5 percent increase from the same period last year, despite multiple holidays and the temporary inconvenience caused by the ongoing Skyway construction.

“RWM is currently engaged in projects and developments that will offer broader entertainment facilities to our patrons. We will continue to focus on strengthening the non-VIP segment, expanding the international market and at the same time growing the non-gaming revenues. These are all deliberate action plans that will enable us to deliver quality earnings to our investors and shareholders,” Sian said.

Golden Arches Development Corp., the franchise holder for the McDonald’s fastfood chain, reported a net income of to P324 million, while Emperador, the country’s biggest liquor firm, earned seven percent more at P3.3 billion.