Andrew Tan's AGI profit rises 10 pct in Q1
MANILA, Philippines - Andrew Tan's Alliance Global Group Inc. (AGI) reported its first quarter net income rose 10 percent to P3.94 billion, on the back of strong revenues from its property, gaming and liquor businesses.
AGI said its consolidated revenues were slightly up 3.2 percent to P31.23 billion in the first three months of the year, from P30.26 billion during the same period last year.
AGI said sales of sale of goods, such real estate, alcoholic beverages and snack products rose 19 percent to P15 billion.
However, sales from services, including gaming, hotel, quick-service restaurants and rentals, fell 9 percent, as gaming revenues dropped 23 percent.
Despite this, AGI said it expects all business segments to grow revenues in line with targets.
Property unit Megaworld reported a 49 percent increase in net profit to P2.69 billion in the first quarter on the back of strong residential sales in its township projects.
Emperador Inc. also posted a 19 percent rise in net income to P1.72 billion in the January to March period.
Travellers International Hotel Group Inc., which operates Resorts World, posted a net income of P1.72 billion for the first quarter, 73 percent higher than year-ago figures.
Golden Arches Development Corp., the local franchise holder of fastfood giant McDonalds, reported a 26 percent drop in net income to P171 million in the first quarter, due to higher raw material costs.
As of end March 2014, Alliance Global has consolidated total assets of P336.4 billion.