Andrew Tan's AGI posts P14.7B profit in 2011

ABS-CBN News

Posted at Apr 27 2012 04:22 PM | Updated as of Apr 28 2012 01:23 AM

MANILA, Philippines - Tycoon Andrew Tan's Alliance Global Group Inc. (AGI) reported record profits of P14.7 billion in 2011, a 55% increase from the P9.5 billion profit it posted in 2010.

AGI saw its revenues surge 49% to P66.1 billion in 2011 compared to P44.5 billion in the previous year. The 2011 results include a one-time gain of P3.1 billion as it acquired a subsidiary last year.

"We are pleased to announce our record results, with revenues up 49 percent, and profit up 55%," AGI Chief Financial Officer Dina Inting said, in a statement.

Net income attributable to owners of AGI amounted to P11.6 billion in 2011, compared to P6.9 billion in the same period last year.

Megaworld Corp., the real estate arm of AGI, contributed 40% of the group's total revenues. Megaworld saw its revenues rise 39% to P28.6 billion in 2011, while net income increased by 60% to P8.15 billion. Excluding the nonrecurring gain of P2 billion from the share of AGI shares of stocks, Megaworld still posted a 21% increase in profit.

The property developer reported strong take-up from its projects such as Newport City, McKinley West and McKinley Hill, Eastwood City and higher leasing income from its BPO and retail portfolio.

AGI said the growth of its revenues and profits from its other businesses in food and beverage, fast food and integrated tourism estates business were in line with targets. Specific details were not disclosed.

Emperador Distillers produces Emperador, Generoso and Emperador Light brandies and a line of flavored alcoholic beverages called The Bar. Golden Arches Development Corporation owns the franchise for the McDonald's fast food chain, while Travellers International Hotel Group, Inc. partnered with Genting Hong Kong for Resorts World Manila.