AGI units drive group 1H income to P11.26B

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The subsidiaries of Alliance Global Group Inc. (AGI) drove the listed conglomerate’s net income during the first half of the year to P11.3 billion, up 34 percent from the P8.4 billion it earned in the same period of 2012.

Also, consolidated revenues of the company grew to P61 billion in the first six months of 2013, a 19-percent increase from the P51.2 billion a year ago, while net income of AGI attributable to its shareholders reached P8.3 billion, up 44 percent from the P5.7 billion of the same period last year.

According to the Andrew Tan-led group, its growth was led by its main subsidiaries Emperador Distillers Inc., Megaworld Corp., and Travellers International Hotel Group, Inc., which collectively contributed 81 percent of the P8.3-billion earnings.

“All our major businesses continue to perform well within our expectations. We are confident that we can sustain our robust growth for the rest of the year,” said Andrew Tan, chairman of AGI.

Its real estate arm Megaworld contributed around 35 percent to AGI’s net income and about 28 percent to total revenue.

Megaworld reported on Monday total revenues of P17.3 billion in the first six months of 2013, up 12 percent year-on-year from P15.4 billion, as well as net profit of P4.2 billion, up from P3.7 billion for a 15-percent increase year-on-year.

Apart from real estate, AGI has interests in industries such as food and beverage, quick service restaurants, and integrated tourism estates.

Food and beverage arm Emperador reported total revenues to P13.9 billion, up 20 percent from P11.5 billion, while its net profit jumped 35 percent to P3.2 billion from P2.3 billion.

Travellers, on the other hand, posted total revenues of P19.1 billion in the first six months, up 24 percent from P15.4 billion.

The tourism and hotel development firm grew its net profit to P2.3 billion from P1.8 billion, up 25 percent year-on-year.

Travellers operates Resorts World Manila, the first integrated tourism estate in the country.

The other subsidiaries of AGI, Global-Estate Resorts Inc. (GERI) and Golden Arches Development Corp. (GADC), also showed double-digit growth rates for the first six months of 2013.

GADC posted a 13-percent revenue growth, while GERI posted a 12-percent increase in revenue. Net profit growth was even stronger for GADC at 47 percent, while GERI recorded a 25-percent profit growth.

GADC operates the quick service restaurant business under the McDonald’s brand. From 375 stores in 2012, GADC is planning to expand to 500 stores nationwide by 2015.

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