MANILA -- Andrew Tan-led conglomerate Alliance Global Group, Inc. (AGI) delivered a 16-percent increase in profit during the first quarter of 2019, driven mainly by higher earnings of property development, liquor, and fast food business segments.
In a disclosure to the local bourse on Monday, AGI said net income reached PHP6.5 billion in January to March from PHP5.6 billion during the same period last year.
Its consolidated revenues also rose by 19 percent to PHP41 billion from PHP34.4 billion.
Contributing strongly to the group’s remarkable results are its township development unit Megaworld Corporation, gaming and leisure operations under Travellers International Hotel Group, Inc., liquor subsidiary Emperador Inc., and quick service restaurants (QSR) business under Golden Arches Development Corporation (GADC).
“Our much-improved performance is a testament to our strong brand equity across all our business segments. We will continue to offer our premium products and excellent services to the market as we remain optimistic of the opportunities that lie ahead,” AGI Chief Executive Officer Kevin Tan.
Megaworld, the country’s largest developer of integrated urban townships and market leader in the office segment, reported attributable net income of PHP3.8 billion in the first quarter, up 16 percent from PHP3.3 billion last year.
Travellers International, owner and operator of Resorts World Manila (RWM), recorded a sharp 69-percent increase in earnings before interest, tax, depreciation and amortization (EBITDA) of PHP1.4 billion in the first quarter, as gross revenues from its gaming and non-gaming operations climbed 55 percent to PHP8.5 billion.
Emperador, the world’s biggest brandy producer and owner of the world’s fifth largest Scotch whisky manufacturer, recorded consolidated revenues of PHP11 billion in the first quarter, up 13 percent from PHP9.7 billion the year before.
Emperador President and Chief Executive Officer Winston Co said the firm will continue expanding its international footprint by introducing more product offerings, while growing its Philippine market.
“We believe that the Philippines five years from now will be very different. The consumption pattern will change so much because of the affluence that is coming to our growing middle class. We believe that this will change the landscape of the Filipinos’ consumption. In fact, it has changed already,” he told reporters after the company’s stockholders’ meeting Monday.
“The direction is very clear, the direction is to go for high-value, high margin, fast growing segment of the market,” he added.
GADC, which holds the exclusive franchise to operate restaurants in the Philippines under the “McDonald’s” brand, reported a 13-percent year-on-year increase in sales revenues to PHP7.5 billion, supported by a healthy same-store sales growth of 4.8 percent and its ongoing new store additions. (PNA)
