Alliance Global earns 18% more to P11.3 B in 9 months

Alliance Global Group Inc. (AGI), the listed holding company of tycoon Andrew Tan, grew its net income by 18 percent in the nine months to September to P11.3 billion.

Revenues rose 12 percent to P112.1 billion.

“We will continue to work very hard to deliver good results across all our business segments moving forward,” said AGI chief executive officer Kevin Tan.

AGI is composed of Megaworld Corp., Emperador Inc., Travellers International Hotel Group Inc., Golden Arches Development Corp. (GADC) and Infracorp Development Inc.

Net income attributable to owners rose 18 percent to P12.1 billion from P10.2 billion a year before.

Tan said the company has an aggressive expansion program with an investment commitment of P240-billion up to 2020.

“At the same time, we intend to manage our costs and keep our gearing levels low as we remain vigilant of the global economic headwinds,” Tan said.

Emperador, the world’s largest brandy company and owner of the fifth largest Scotch whisky manufacturer, grew its net income 16 percent to P5.1 billion.

Travellers International, owner and operator of Resorts World Manila (RWM), posted a net income of P1.8 billion compared with the P34 million loss incurred in the same period a year ago.

GADC, which holds the exclusive franchise of McDonald’s in the Philippines, reported a net income of P991 million, up three percent.

Sales revenues grew eight percent to P20.3 billion as same-store sales growth reached 3.8 percent.

GADC continued to expand its number of stores which reached 603 by the end of September compared with 566 a year earlier.

The company maintained its aggressive store expansion program by using its internally-generated funds.

At present, almost 60 percent of the McDonald’s stores are now located outside of Metro Manila, allowing GADC to broaden its geographic reach throughout the country.