Alliance Global Group Inc. (AGI), the holding firm of businessman Andrew Tan, said its net income from January to September dropped by 10 percent from a year ago despite the robust performance of its business units.
For the nine-month period, net income hit P17.2 billion from last year’s P19.2 billion as consolidated revenue decreased to P89.5 billion from P93.4 billion.
The drop in earnings was unexpected as the company’s business segments recorded good performances during the period. AGI’s finance officials were not available for comment as of press time.
The group’s property unit Megaworld nearly tripled its January to September net income — growing 192 percent to P19.03 billion from a year ago. Liquor vehicle Emperador Inc. regained momentum, netting P4.6 billion in the nine-month period.
Travellers International Hotel Group Inc., AGI ‘s operating arm for Resorts World Manila and Resorts World Bayshore City, reported a 12 percent growth in net income to P4 billion for the period.
Food unit Green Arches Development Corp., the franchise holder of McDonald’s chain in the Philippines, netted P406 million from January to September.
“The group’s financial performance continues to be strong. We have a lot of confidence in our businesses, which are genuine game changers in their respective industries, and our long-term growth is underpinned by a consumption-led economic growth and a young consumer market,” said Kingson Sian, AGI president and chief operating officer.
“We have always been passionate about our businesses and we are very excited about the future prospects of Megaworld, given its unparalleled dominance in township development; Emperador, given growth opportunities in the offing following the acquisition of a Scotch whisky company,” Sian added.
Incorporated in 1993 and listed on the Philippine Stock Exchange in 1999, AGI holds Tan’s businesses in property development (Megaworld); food and beverage manufacture and distribution (Emperador); quick-service restaurants (GADC); and integrated tourism development businesses (Travellers).