AGI profit hits P3.2 billion in Q1

MANILA, Philippines — Andrew Tan-led Alliance Global Group Inc. (AGI) registered a net profit of P3.2 billion in the first quarter of 2021, down 20 percent from P4 billion a year ago due to the lingering impact of the COVID-19 pandemic on the domestic economy.

AGI chief executive officer Kevin Tan said that during the first two months of the year, most of the conglomerate’s businesses rebounded.

“However, the momentum has been halted temporarily due to new restrictions imposed as a result of surges in new cases at the end of March,” Tan said.

Offsetting the impact of the challenging business environment was the company’s international liquor operations which continued to deliver strong results.

“This was supported by the reopening of the various economies across the globe and the improving traction of its brands in the international market,” Tan said.

Consolidated revenues declined 16 percent to P31.8 billion from last year’s P38 billion.

Tan said the company is optimistic it will  be able to regain momentum for recovery, along with the enhanced vaccine rollout.

“We are very optimistic for the next three quarters as we look forward to an accelerated vaccine rollout that will allow business activities to pick up. This pandemic taught our group to be relentlessly creative and innovative in executing and modifying some of our strategies to help our various businesses recover fast and strong,” Tan said.