Profits of Andrew Tan's AGI fall in 2014

ABS-CBN News

Posted at Apr 24 2015 10:54 AM | Updated as of Apr 24 2015 08:50 PM

MANILA, Philippines (UPDATE) - Andrew Tan's Alliance Global Group, Inc. (AGI) posted a 24 percent drop in attributable net income to P13 billion in 2014, from P17.2 billion in the previous year.

On a recurring basis, AGI said the profit was down 4 percent due to a 35 increase in net income attributable to minority interests or non-controlling interests. This was a result of AGI having reduced ownership in Emperador and Travellers International Hotel Group Inc. last year following their initial public offerings in late 2013.

AGI said it posted a record net income of P21 billion in 2014, reflecting an 8 percent increase over 2013 (net of non-recurring or extraordinary items), on the back of record consolidated revenues of P125 billion in 2014.

On a standalone basis, AGI said its companies delivered strong earnings in 2014.

Megaworld reported a net income of P9.4 billion in 2014, 14 percent higher than the previous year.

Emperador posted a 6 percent increase in earnings to P6.2 billion in 2014.

Travellers, which operates Resorts World Manila, reported a P5.4 billion profit, higher by almost 100% year-on-year.

Golden Arches Development, which owns the Philippine franchise for McDonald's, posted a net income of almost P800 million in 2014.