CONGLOMERATE Alliance Global Group, Inc. (AGI) said Monday net income rose to P10.1 billion for the first half of the year, higher by 39 percent from the same period last year, on the back of strong performances by its property and fast food businesses.
Net income to owners stood at P6.7 billion in the first half, reflecting an 8 percent decline from the P7.3 billion registered a year ago, the company told the stock exchange.
“We remain confident of our growth prospects, recognizing the various opportunities that continue to present themselves in the economy,” AGI President Kingson Sian said.
“As such, we are steadfast in our investment commitments across all our business segments, maintaining our capex (capital expenditure) budget of about P80 billion for the year. We strongly believe in spending for our future,” he added.
It said property arm Megaworld Corp. sustained a robust performance in the same period with an 11 percent growth in net income to P6.7 billion while consolidated revenue amounted to P24.3 billion.
“The residential segment delivered a 12 percent year-on-year improvement in total realized gross profit amidst higher project completion. Rental income from its office and commercial spaces continued to grow at a healthy clip of 20 percent to P5.8 billion, helped by expansions in leasing capacities and modest increases in rents,” AGI said.
Golden Arches Development Corp., which holds the exclusive franchise to operate the McDonald’s brand in the Philippines, saw net income grow 20 percent to P595 million for the first half on revenues of P12.2 billion. The company ended the first half of 2017 with a total of 533 stores nationwide compared with 494 stores a year before.
Brandy maker Emperador, Inc. posted a 20.6 percent year-on-year decline in net income to P2.7 billion on slower domestic liquor consumption, with revenues sliding 1.4 percent to P18.1 billion.
Its hotel and casino arm Travellers International Hotel Group, Inc., operator of Resorts World Manila, recorded an 80 percent drop in earnings to P373 million for the first six months from P1.8 billion a year ago as revenues were affected by the suspension of casino operations for 27 days following the June 2 attack on RWM.
Business magnate Andrew Tan controls AGI.