Alliance Global hikes profit in Q3

MANILA, Philippines — Alliance Global Group Inc. (AGI), the investment holding firm of tycoon Andrew Tan, posted an improvement in net income to P2.2 billion in the third quarter from P156 million in the second quarter.

The conglomerate raked in consolidated revenue of P30.4 billion, up 30 percent quarter on quarter.

AGI chief executive officer Kevin Tan said the gradual easing of community quarantines throughout the country and the further reopening of the economy helped the company recover.

Still, nine-month net income fell 67 percent to P6.4 billion as consolidated revenues dipped 28 percent to P91.8 billion.

“We are very encouraged by the sharp improvement in earnings across all our business segments during the third quarter as the economy gets a reboot with the further easing of the quarantine restrictions.  Our interim performance also validated the soundness of our diversification strategy as evidenced by the strong results delivered by our international liquor operations even amidst the global pandemic,” Tan said.

AGI has interests in real estate developments through property giant Megaworld Corp.; leisure, entertainment and hospitality through Travellers International Hotel Group Inc.; spirits manufacturing through Emperador Inc.; quick service restaurants through Golden Arches Development Corp. (GADC), popularly known as McDonald’s Philippines, which is a strategic partnership with the George Yang Group; and infrastructure developments through Infracorp Development Corp.

Moving forward, Tan said AGI would  likely maintain its growth as the economy is slowly improving.

“We continue to help rebuild consumer confidence by assuring our stakeholders of the safe live, work and play environment in our townships,” Tan said.

“We have maintained our cost discipline and continue to observe financial prudence to support our operations amid this disruption.  At the same time, we remain agile to identify and take advantage of opportunities in this rapidly-changing environment,” he added.