Alliance Global Group, Inc. (AGI), the listed holding firm led by tycoon Andrew Tan, chalked up a net income of P11 billion in the first quarter of the year, a 66 percent increase over the same period last year.
The first quarter figure includes one-time gains from the deconsolidation of Golden Arches Development Corp. (GADC), following a new licensing agreement with McDonald’s Corp., AGI said Friday in a disclosure to the stock exchange.
AGI retains a 49 percent stake in GADC, which is now treated as an associate.
Excluding the one-time gains, AGI’s net income attributable to owners of the parent grew 18 percent to P5 billion.
First quarter consolidated revenues climbed 3 percent to P51.9 billion compared to P50.6 billion in the same period last year.
“AGI started the year with notably strong results in the first quarter even amidst domestic and global challenges mainly brought about by the ongoing US tariff issues,” said AGI chief executive and president Kevin Tan.
“Our topline was driven largely by healthy real estate sales, robust revenues from our tourism-related segments, and strong leasing income from both our premium offices and lifestyle malls.”
Tan said the group’s first quarter performance also reflected the efficient cost management measures we continue to implement across all our business segments.
Real estate arm Megaworld Corporation reported a 16 percent increase in attributable net income to P5.1 billion, supported by growth in all business units.
Consolidated revenue rose 11 percent to P20.9 billion.
Spirits unit Emperador Inc. posted revenues of P13.2 billion, boosted by a 10 percent growth in brandy sales, including strong performance from its premium Spanish brand Fundador.
The company recorded a 7 percent rise in net income to P1.85 billion, aided by cost efficiencies. Jenniffer B. Austria
Leisure arm Travellers International, operator of Newport World Resorts saw gross revenue increase by 5 percent to P9.7 billion, as gross gaming revenue rose 6 percent to P7.9 billion. Non-gaming revenue also grew 4 percent to P1.8 billion due to improved hotel occupancy and retail spending.
“Despite ongoing macro headwinds, we maintain our optimistic outlook for the balance of the year. We have laid out exciting plans across our various business segments, ready to take advantage of the resilient consumer spending and a resurgence in global economic activity,” Tan said.
