Alliance Global posts 15.3-B profit
First quarter
Alliance Global Group, Inc. (AGI), the investment holding company of tycoon Andrew Tan, posted a 5 percent dip in net income to 15.3 billion in the first three months of this year as consolidated revenues were generally steady at 133.1 billion.
"We executed well in the first quarter despite the heavy external headwinds and the initial uncertainty leading to the May elections," said AGI president Kingson U. Sian.
AGI, leveraged on the underlying strength of its subsidiaries, such that “when election spending, sharp decline in oil prices, and government expenditures pushed up domestic demand in the first quarter, our subsidiaries were able to maintain their respective industry footing,” said Sian.
Megaworld Corporation delivered a 12 percent year-on-year increase in earnings to 12.63 billion as consolidated revenues, which include the contribution from its subsidiary brands Global-Estate Resorts, Inc. (GERI), Empire East Land Holdings, Inc. and Suntrust Properties, Inc., grew 9 percent to 111.5 billion.
Emperador, Inc., which is becoming a world-class liquor company, reported a net profit of 11.4 billion in the first quarter, coming on back of nearly 19 billion in consolidated revenues.
Travellers International Hotel Group, Inc. (TIHGI) posted a net profit of 11.2 billion in the first three months of 2016 as the company continues to focus on achieving quality of earnings by building on the non-VIP segment and expanding its non-gaming business. Gross revenues stood at 16.6 billion and EBITDA at 11.4 billion.
Golden Arches Development Corporation (GADC), which holds the exclusive franchise to operate restaurants in the Philippines under the “McDonald’s” brand, reported a 19 percent increase in net income to 1191 million, benefiting from election spending.
“We remain very positive on the AGI Group’s prospects and we look forward to the planned initiatives of the new administration. We are a believer of the Philippine growth story and our businesses are very well positioned to participate in such growth,” adds Sian. (JAL)