The Andrew Tan-led conglomerate Alliance Global Group Inc. (AGI) almost doubled its nine-month income compared to what it recorded in the same period a year ago, after all of its subsidiaries produced better financial results.
For the first nine months of the year, AGI netted P19.2 billion, up 42 percent from P13.5 billion recorded in the same period of 2012.
Consolidated revenues of the group also grew to P93.4 billion during the period in review, for a 19-percent increase from last year’s P78.3 billion.
Emperador Inc., which owns the world’s number one selling brandy company, Emperador Distillers Inc. (EDI), earned P4.5 billion during the period, while the group’s property arm, Megaworld Corp., reported that its net profit amounted to P6.55 billion, up 15 percent year-on-year from P5.7 billion.
Travellers International Hotel Group Inc., on the other hand, reported total revenues of P27.1 billion in the first nine months of this year, up 16 percent from P23.4 billion.
The net profit of Travellers, which also operates Resorts World Manila, reached P3.6 billion during the period in review.
Other subsidiaries of AGI, Golden Arches Development Corp. (GADC) and Global-Estate Resorts Inc (GERI), also registered double-digit growth rates in the first nine months of 2013 versus the same period of 2012.
Net profit of GADC stood at 16 percent higher during the period, while GERI enjoyed a 21-percent profit growth.
GADC operates the quick service restaurant business under the McDonald’s brand, while while GERI develops integrated tourism estates in strategically located tourism hot spots such as Boracay, Tagaytay and Batangas.