ALLIANCE Global Group Inc. reported record earnings in the first six months, buoyed by the recognition of a non-recurring gain from the acquisition of Global-Estates Resorts Inc.
In a regulatory filing, the holding firm of Andrew Tan said its profit attributable to owners of the parent firm grew to P2.50 billion in the second quarter from P2.03 billion in the same period last year.
This pushed its earnings in the January to June period to P8.06 billion, more than double last year’s P3.67 billion.
Without non-recurring gains, earnings attributable to equity holders jumped 28 percent to P4.72 billion in the first half.
“Despite the strong revenue and profit numbers of the first half of the year, we continue to remain focused on delivering the goals that we have set for ourselves a few years ago,” said Dina Inting, AGI chief financial officer.
“AGI has a proven track record of creating value over time and is confident in its ability to deliver
sustainable profitable growth and value for its shareholders,” Inting added.
Consolidated revenues grew 58 percent in the first half to P33.59 billion from P21.3 billion a year ago.
Real estate revenues from Megaworld Corp., GERI and Travellers International Hotel Group accounted for 45 percent of AGI’s total revenues, while the food and beverage segment contributed 23 percent. The quick service restaurant division added 17 percent.
The net income of Megaworld more than doubled to P5.16 billion, including a non-recurring gain of P2 billion from the sale of AGI shares of stock. Net of the one-time gain, profits were still up 41 percent year-on-year.
AGI’s food and beverage revenues went up 93.8 percent to P7.8 billion because of higher demand for the distilled spirits products. Sales of distilled spirits under Emperador Distillers Inc. in the first half were already 10-percent shy of 2010 sales.
Revenues from Golden Arches Development Corporation, the owner of the McDonald’s franchise in the Philippines, grew by 8.7 percent to P.5.69 billion as product sales generated from company-operated restaurants and revenue from franchised restaurants grew at the same pace.
