Alliance Global sees double-digit profit growth until 2011

ABS-CBN News

Posted at Oct 05 2010 01:16 PM | Updated as of Oct 06 2010 02:01 AM

MANILA, Philippines - The holding firm of tycoon Andrew Tan sees its earnings growing by at least 38% to P6.62 billion this year from P4.8 billion last year.

Alliance Global Group Inc. also expects to replicate this net income growth in 2011.

"With the improving global economic climate, backed by the renewed optimism of the local and foreign investors regarding the growth prospects of the Philippines, we are confident that AGI is poised to take advantage of such an environment and build on the momentum we have created in all segments of our business," Kingson Sian, president of Alliance Global, said in a statement.

Alliance Global is one of the country's largest conglomerates, with interests in real estate development, food and beverage, quick service restaurants, and integrated tourism/resorts industries.

According to Sian, the company's property arm, Megaworld Corp., has enjoyed strong demand, selling P33 billion worth of projects in the first 8 months.

Its consumer business, Emperador Distillers, "has remained to be the most profitable liquor company in the Philippines," while Golden Arches Development Corp., the master franchise holder of McDonald’s in the country, has put in place growth plans to take advantage of strong consumer confidence.

On tourism, Alliance Global's joint venture with Genting Hong Kong is operating Resorts World Manila, a mixed-use project that includes hotels, theaters, retail and other entertainment facilities.

Resorts World Manila is expanding to bring its total hotel room count to 1,500.

Alliance Global said it aims to issue dividends of at least 33 centavos per share, up from 18 centavos per share it announced earlier this year.