AGI profit weighed by liquor, gaming businesses

Alliance Global Group, Inc. (AGI), the investment holding company of tycoon Andrew L. Tan, reported a net profit of R15.2 billion in the first nine-months of the year from R17.3 billion in the same period last year.

In a disclosure to the Philippine Stock Exchange, the firm said consolidated revenues reached R100.3 billion compared to R101.6 billion in the first three quarters last year.

The group’s diversified businesses posted a mixed outcome during at end-September, with its real estate operations and quick service restaurants recording strong earnings, mitigating the weaker performance of its liquor and integrated resorts operations.

Attributable net income stood at R10.2 billion, 8 percent lower from its level a year ago of R11 billion.

“The challenges we faced earlier this year required us to remain strong and persevering, never losing our sights on the future,” AGI President Kingson U. Sian said.

He noted that, “the various initiatives we have undertaken and continue to pursue across all business segments are already poised for takeoff. We are therefore excited about the coming year which is even now presenting outstanding opportunities.”

Megaworld Corp., the country’s largest township developer, registered a sharper 12 percent year-on-year growth in net income to R10.3 billion during the nine-month period.

Emperador, Inc. registered a net income of R4.4 billion in the first nine-months, helped by a healthy 18 percent growth in profit in the third quarter.

Travellers International Hotel Group, Inc., owner and operator of Resorts World Manila, recorded earnings before interest, taxes, depreciation and amortization of R2.6 billion for the ninemonth period on gross revenues of R15.7 billion.

Golden Arches Development Corp., which holds the exclusive franchise to operate restaurants in the Philippines under the McDonald’s brand, reported a net income of R977 million, reflecting a 19 percent year-on-year increase.