AGI profit grows 34% in first quarter
MANILA, Philippines - Alliance Global Group, the flagship company led by tycoon Andrew Tan, showed strong first quarter growth as its core net income attributable to owners jumped 34% to P2.96 billion from P2.21 billion in the same period last year.
The company's revenues also went up 78% to P24.35 billion in the first three months of the year, from year-ago figures of P13.67 billion, as Travellers International Hotel Group Inc. was consolidated in its accounts this year.
AGI said its core net income was up 46% to P4.15 billion from P2.85 billion in the same period last year.
"Our first quarter results reflect continued solid performance, with revenues up 78%, and core net income up 46% this year. We expect that the strong growth of our Emperador business will contribute significantly to our group’s earnings," said AGI President Kingson Sian, in a statement.
Real estate arm Megaworld Corp. was seen as the driver for AGI's growth, since it accounts for 28% of its consolidated revenues.
Megaworld said its total revenues grew by 22% to P7 billion in the first quarter, on the back of sales of its projects in Newport City, McKinley West, McKinley Hill and Eastwood City and leasing income from its business process outsourcing and retail businesses. Net income jumped 27% to P1.58 billion in the first quarter from year ago's P 1.24 billion.
AGI's other companies, Emperador Distillers, Inc., Golden Arches Development Corp. and Travellers International, also reported strong growth.
Emperador produces Emperador, Generoso and Emperador Light brandies, while Golden Arches operates the quick service restaurant business under the McDonald's brand. Travellers International partnered with Genting Hong Kong in operating Resorts World Manila.