MANILA— Diversified holding firm Alliance Global Group Inc. (AGI) improved net income to P2.2 billion in the third quarter from P156 million in the second quarter as the gradual easing of the COVID-19 quarantine led to a ramp-up in business, it said on Friday.

Consolidated revenues also went up by 30 percent quarter-on-quarter to P30.4 billion, while year-to-date revenues were still down 28 percent to P91.8 billion from last year’s P127 billion.

“We are very encouraged by the sharp improvement in earnings across all our business segments during the third quarter as the economy gets a reboot with the further easing of the quarantine restrictions," Kevin Tan, AGI’s CEO, said.

"We are optimistic that we can maintain this sequential improvement following the trajectory of the economy which we expect to slowly improve," he added.

Tan said the company maintained a strict hand in costs which also cushioned the impact of the pandemic.

Its property unit Megaworld posted a P2-billion net income in the third quarter, bringing its 9-month net profit to P7.4 billion, down 42 percent from P12.8 billion a year ago.

Global spirits giant Emperador recorded P2.5 billion in third quarter net income, contributing to the P5.9 billion net income from January to September, an increase of 11 percent from last year.

This was due to Emperador's robust sales in its domestic and international spirit brands attributed to strong pent-up demand following the easing of quarantines.

McDonald's franchise holder GADC saw third quarter net income at P4.5 billion on stores resuming operations -- leading to a reduction in net loss in the January to September period to P967 million from P1.2 billion in profits in the same period last year.

Resorts World Manila operator Travellers International, on the other hand, reported a P1.7-billion net loss in the third quarter from P59 million in the same quarter last year, weighed down by limited casino gaming, hotel, and MICE (meetings, incentives, conferences and exhibitions) activities.

AGI earlier adopted a 5-point initiative to cushion the impact of the COVID-19 pandemic on its business.

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