Andrew Tan-led AGI profit grows 22% in H1

ABS-CBN News

Posted at Aug 16 2012 12:19 PM | Updated as of Aug 17 2012 01:31 AM

MANILA, Philippines - Alliance Global Group Inc. (AGI), the holding company owned by tycoon Andrew Tan, said its core net income attributable to owners grew 22% to P5.73 billion, on strong numbers from Megaworld Corp.

AGI's consolidated revenues surged 69% to P51.07 billion in the first half, from P30.25 billion, with the consolidation of Travellers International Hotel Group Inc.

AGI said its core net income was up 33% to P8.41 billion from P6.31 billion in the same period last year.

Megaworld contributed 42% to AGI's net income, and 30% to its total revenue. The property developer posted a core net income of P3.69 billion in the first six months of 2012 up 15% from P3.21 billion a year ago, on the back of strong residential real estate sales and BPO office rental portfolios.

"We expect Emperador to contribute significantly to our group’s earnings this year,” said AGI chief financial officer Dina Inting. AGI's Emperador Distillers Inc. makes Emperador brandy and other alcoholic beverages.

AGI said revenues and profits from its other companies grew in line with targets, but did not give details.

Golden Arches Development Corp. operates McDonald's in the Philippines, while Travellers International operates Resorts World Manila. Global-Estate Resorts is the developer of integrated tourism estates in Boracay, Tagaytay and Batangas.