Alliance Global Group Inc. (AGI), the listed conglomerate of property tycoon Andrew Tan, posted a 5-percent gain in net income at P11.5 billion during the first half of 2015, driven by the improved performance of most of its subsidiaries.
Consolidated revenues increased by nearly 11 percent to P65.4 billion from a year earlier, the company said in a statement Friday.
“Our group’s sustained profitability continues to be underpinned by AGI’s subsidiaries as they all consistently show visible earnings. All the consumer-centric companies that are majority-owned by AGI exhibited profitability in the first half of this year,” said Kingson U. Sian, AGI’s president and chief operating officer.
Property subsidiary Megaworld Corp. saw a 12.5-percent growth in first-half core net income to P5.4 billion, while liquor unit Emperador Inc. saw a 7-percent increase in profits to P3.3 billion.
Resorts and casino operator Travellers Hotel International Group Inc. saw its net income decline by 15 percent to P2.4 billion, and Golden Arches Development Corp. booked profits of P324 million.
Megaworld is seen to grow its rental income by 27 percent to P9 billion this year due to the growth of its office and commercial mall businesses.
AGI also noted that Emperador, Travellers and Golden Arches will continue to be the “market leader” in their respective industries this year.
Travellers is set to cap off second phase of development of Resorts World Manila by early 2016 and is now busy with phase 3 which will open for business in 2017.
Golden Arches, which holds the exclusive rights to operate the McDonald’s chain in the Philippines, is targeting to open 500 branches nationwide this year.