Alliance Global profit hits P10.1 B

Alliance Global Group Inc. (AGI), the holding company of tycoon Andrew Tan, posted a net income of P10.1 billion in the first half of the year, 13 percent lower than the previous year.

Despite the decline in income, the company has maintained its P80 billion capital spending this year, its president Kingson Sian said.

Consolidated revenues slightly decreased to P66.8 billion from P67.1 billion.

AGI said its various businesses showed a mixed performance with its property arm and quick service restaurants delivering very strong results, which cushioned the lagging outcomes from its integrated resorts operations and liquor business.

“We remain confident of our growth prospects, recognizing the various opportunities that continue to present themselves in the economy,” Sian said.

Megaworld Corp. posted an 11 percent growth in net income to P6.7 billion on consolidated revenues of P24.3 billion.

Emperador Inc. registered a net income of P2.7 billion as the company spent heavily for the strategic marketing of its new products, both in the domestic and international markets.

Travellers International Hotel Group Inc., owner and operator of Resorts World Manila, recorded a net profit of P373 million, down 71 percent.

RWM’s casino did not operate for 27 days as a result of the June 2 incident wherein a lone gunman attacked the premises.

During the period, gross gaming revenues amounted to P9.2 billion, lower than the P11.8 billion registered a year ago.

Improved hotel operations helped grow its non-gaming revenues by four percent to P2 billion, allowing gross revenues to reach P11.2 billion.

Golden Arches Development Corp. (GADC), which holds the exclusive franchise to operate restaurants in the Philippines under the “McDonald’s” brand, meanwhile, saw its net income rise 20 percent to P595 million on sales revenues of P12.2 billion. The company ended the first half with a total of 533 stores nationwide compared with 494 stores a year before.

“Our growth strategies are deliberate and allow us to keep on moving forward, optimistic that our capabilities and resolve will carry us through time,” Sian said.