Alliance Global Group Inc. (AGI), the holding firm of businessman Andrew Tan, on Friday said net earnings in the first quarter of the year dropped 5 percent to P5.3 billion from P5.57 billion a year earlier.
Consolidated revenue was flat at P33.1 billion, the company said in a disclosure to the Philippine Stock Exchange.
“We executed well in the first quarter despite the heavy external headwinds and the initial uncertainty leading to the May elections,” Kingson Sian, president and chief operating officer of AGI, said.
“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,” Sian said.
Megaworld Corporation delivered a 12-percent year-on-year increase in net income to P2.63 billion. Consolidated revenue, which includes contributions from Global-Estate Resorts Inc., Empire East Land Holdings Inc, and Suntrust Properties Inc. amounted to P11.5 billion, up 9 percent from P10.5 billion.
This was supported by a robust 15-percent gain in rental income to P2.3 billion.
Residential sales continued to grow in January to March, rising 10 percent year-on-year at P6.86 billion.
Emperador Inc. reported a net profit of P1.4 billion in the first quarter, on the back of nearly P9b billion in consolidated revenue. Domestic sales grew by 19 percent as the company maintained its brandy dominance in the liquor market.
Travellers International Hotel Group, Inc. (TIHGI) posted a net profit of P1.2 billion. Gross gaming revenue amounted to P5.6 billion.
Revenue from hotel, food and beverage and other operations grew by 26 percent at P982 million, partly on account of the contribution of Marriott Grand Ballroom which was formally launched in June last year.
Travellers International owns and operates Resorts World Manila.
Golden Arches Development Corporation, 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 P191 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 in the Philippine growth story and our businesses are very well positioned to participate in such growth,” Sian said.