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Alliance Global Q3 profit rebounds, 9-month earnings hit P6.4-B

November 13, 2020, 2:36 pm

MANILA – Conglomerate Alliance Global Group, Inc. (AGI) chalked up a 14-fold improvement in its third-quarter profit to PHP2.2 billion from PHP156 million in the second quarter, boosted by the gradual easing of community quarantines throughout the country and the further reopening of the economy.
 
This brings AGI’s net income for the first nine months to PHP6.4 billion, reflecting a 67-percent decline from PHP19.3 billion the year before. 
 
Consolidated revenues also fell by 28 percent to PHP91.8 billion from last year’s PHP127 billion.   
 
“We are very encouraged by the sharp improvement in earnings across all our business segments during the third quarter as the economy gets a reboot with the further easing of the quarantine restrictions. Our interim performance also validated the soundness of our diversification strategy as evidenced by the strong results delivered by our international liquor operations even amidst the global pandemic,” AGI’s chief executive officer Kevin Tan said in a statement Friday. 
   
The Andrew Tan-led conglomerate has varied interests in real estate developments through property giant Megaworld Corp.; leisure, entertainment, and hospitality through Travellers International Hotel Group, Inc.; spirits manufacturing through Emperador, Inc.; quick-service restaurants through Golden Arches Development Corp. (GADC), popularly known as McDonald’s Philippines, which is a strategic partnership with the George Yang Group; and infrastructure developments through Infracorp Development Corp. 
 
“We are optimistic that we can maintain this sequential improvement following the trajectory of the economy, which we expect to slowly improve,” Tan said.
 
He said they continue to help rebuild consumer confidence by assuring stakeholders of the safe live, work, and play environment in their townships.  
 
“In support of this objective, we have advanced our implementation of a digitalization strategy – through cashless and contactless transactions, E-concierge for our hotel operations, customer service, account management, and efficient delivery applications – in order to hasten the pace of our transition to this new normal,” Tan added.
 
Megaworld, the country’s leading township developer, booked a 42-percent decline in profit in the January to September period to PHP7.4 billion from PHP12.8 billion a year before. 
 
Emperador’s net income jumped by 11 percent, year on year, to PHP5.9 billion in the nine-month period.
 
Travellers International, the owner and operator of Resorts World Manila, reported a net loss of PHP5.4 billion, reversing last year’s net income of PHP786 million.  
 
The GADC registered a net loss of PHP967 million in nine months from a net profit of PHP1.2 billion the year before.
 
Its operations in the third quarter got a boost from the reopening of the economy, bringing its sales revenues higher by 52 percent, quarter on quarter, to PHP4.5 billion. (PR)
 

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