Alliance Global earnings surged 24% in first 9 months
Strong results from the property and tourism-related businesses bolstered Alliance Global Group Inc.’s (AGI) earnings in the January to September period, which climbed 24 percent year-on-year.
The group told the local bourse on Wednesday that its net income increased to P24.8 billion, while consolidated revenue hit P143.4 billion.
The improvement in its bottom line was also supported by one-time P3.4-billion gains after fast-food operator Golden Arches Development Corp. (GADC).
AGI holds a 49-percent stake in GADC. It was deconsolidated in the group’s financial statements and is now treated as an associate.
Excluding this, AGI’s core earnings would still book a jump of 10 percent to P21.2 billion.
Core attributable net profit also increased by 8 percent to P13.9 billion.
“AGI’s robust performance in the first three quarters of the year is largely due to our diversified business portfolio and product mix. During the period, we saw a sequential improvement in office and mall rentals and steady contribution from our residential and hospitality segments,” said Kevin Tan, president and chief executive officer of AGI.
“Meanwhile, despite the global economic challenges, our spirits business has managed to gain traction in the international market,” Tan said.
Property giant Megaworld remained the top driver of AGI’s growth, as its net income grew 16 percent to P15.9 billion from P13.7 billion.
Megaworld’s top line was also higher by 8 percent to P64.4 billion on the back of stronger office, mall and hotel revenues.
Megaworld Premier Offices likewise kept its “market leadership” with rental income hitting P11.1 billion.
The group also witnessed healthy traffic and tenant sales in Megaworld Lifestyle Malls, resulting in a revenue of P5.1 billion.
Megaworld Hotels and Resorts generated P4.1 billion in revenues, while AGI’s residential segment logged P40.2 billion.
Revenues of Emperador, touted as the biggest brandy company in the global market, stood at P41.2 billion.
