AGI income falls 1% in 9 months

ALLIANCE Global Group Inc. (AGI), the holding firm of businessman Andrew L. Tan, said its attributable income fell 1 percent to P11.9 billion for the nine months of the year from the previous year’s P12.02 billion.

Revenues rose 17 percent in the nine months of the year to P128.4 billion from the previous year’s P110.1 billion, mainly due to the sustained improvement in mobility, which benefitted its consumer and real estate businesses, supported by its strong product positioning and aggressive marketing strategies.

Excluding over P5-billion in onetime gains booked last year by its leisure and entertainment unit, AGI should reflect a 23 percent year-onyear growth in normalized revenues and a 29-percent growth in attributable profit.

“The group managed to sustain its strong core performance as our diversified portfolio continued to seize the various opportunities in the domestic and international markets despite the volatile macro environment. We have maintained our competitive position in all our business segments as we relied on our improved brand equity, aggressive and creative marketing strategies, and extensive distribution network,” Kevin L. Tan, the company’s CEO, said.

Property developer Megaworld Corp. reported attributable profit rose by 3 percent to P8.4 billion, weighed down by hefty unrealized foreign exchange losses.

Real estate sales sustained its sequential growth during the period, hitting P26.2 billion in the first three quarters of the year, an increase of 13 percent from last year. Reservation sales surged by 58 percent to P86 billion, as takeup in the third quarter doubled from its year-ago level as the peso’s weakness versus the US dollar helped push international sales.

Emperador Inc., the liquor maker, said its income for three quarters of the year through September fell to P7.2 billion from the previous year’s P7.3 billion on rising cost that affected both its core brandy and whisky segments.

The resulting higher input costs coupled with higher logistics costs, advertising and promotional expenses and increased on-trade activities have a greater impact on the operating margins of the brandy segment that sells at more accessible prices compared to whisky, the company said.

“Our global business remains robust in the first nine months of this year as evidenced by the overall topline growth, but rising inflation limited earnings performance. There is so much volatility in the global market. We are glad to deliver sustained earnings through our wide portfolio of brands,” Emperador President Winston S. Co said.

Golden Arches Development Corp., a joint venture with the George Yang group, had a net income at P1 billion, a five-fold jump from its year ago level.

Revenues was higher by 35 percent to P23.9 billion from P17.7 billion the year before.

Mcdonald’s Philippines’s 9-month results is already hitting pre-pandemic levels, as its operations proactively adapted to the evolving consumer tastes and preferences that seem to have been permanently affected by the ongoing global health crisis. Mcdonald’s ended the period with a nationwide store count of 682.

“Despite the macro headwinds, we maintain our optimistic outlook as we head towards a further improvement in mobility in time for the fourth quarter holiday spending,” Tan said.