AGI 9-mth profit slips 12% to P15.2B

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ALLIANCE Global Group, Inc. (AGI) saw its nine-month net income drop 12 percent to P15.2 billion from the P17.3 billion registered in the same period last year as the weaker performance of its liquor and integrated resorts operations weighed on overall profits.

“The group’s diversified businesses posted a mixed outcome during the nine-month period, with its real estate operations and quick service restaurants recording very strong earnings, thereby mitigating the weaker performance of its liquor and integrated resorts operations,” AGI said in a statement over the weekend.

Combined revenues reached P100.3 billion, down 4.9 percent from P105.47 billion last year.

Net income attributable to shareholders stood at P10.2 billion or 8 percent lower than the P11 billion posted a year ago.

AGI President Kingson Sian said the challenges AGI faced this year required the company to remain optimistic in the future.

“The various initiatives we have undertaken and continue to pursue across all business segments are already poised for takeoff. We are therefore excited about the coming year which is even now presenting outstanding opportunities,” he said.

Real estate unit Megaworld Corp. registered a 12 percent year-on-year growth in net profit to P10.3 billion from P9.27 billion last year.

Emperador, Inc. recorded a P4.4 billion net income in the first nine months helped by a healthy 18 percent profit growth during the third quarter. In the third quarter alone, Emperador netted P1.7 billion on the back of higher revenues totaling P9.5 billion.

Travellers International Hotel Group, Inc., which operates and owns Resorts World Manila, still recorded a net loss of P36.8 million in the first nine months with earnings still pressured by the June shooting incident at the casino. Third quarter losses reached P409 million.

Food unit Golden Arches Development Corp., which holds the exclusive franchise of the McDonald’s fast food chain in the Philippines, reported net income of P977 million, up 19 percent from a year ago.

“In the end, we believe our hard work will soon harvest its fruits as we enter a period of generally faster growth. We are very optimistic about next year’s growth opportunities across our businesses,” Sian said.

AGI is the conglomerate of magnate Andrew Tan.

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