Filtered By: Money
Money

Alliance Global Group Q1 earnings hit P2.2 billion


Andrew Tan-led conglomerate Alliance Global Group, Inc. increased its first quarter net income by more than a tenth on the back of strong sales from its real estate, food and beverage, and fastfood units. The company posted a consolidated net income of P2.22 billion from January to March this year, up by 12 percent from a year ago, the company told the Philippine Stock Exchange on Friday. Its net income attributable to its shareholders was P1.65 billion, up by a fifth from 2009’s P1.37 billion. Alliance Global’s consolidated revenues reached P10.5 billion, up by almost a fifth from P8.86 billion in 2009. The company is behind real estate giant Megaworld Corp., beverage unit Emperador Distillers, and McDonald’s Philippines master franchiser Golden Arches Development Corp. Megaworld contributed 46 percent to the total earnings, while its consumer units delivered 43 percent. The company’s earnings before interest, taxes, depreciation, and amortization in the first quarter reached P3.3 billion, up 15 percent year-on-year. “Our first quarter results show AGI’s continued strength in the industries it operates in. We believe that we are reaping the benefits of the business decisions we made in the last couple of years," President Kingson Sian said in a statement. The company expanded its various businesses and recently ventured into the tourism industry with Malaysian company Genting Hong Kong Limited, which would build two resorts in Metro Manila with Alliance Global’s subsidiary Travellers International Hotel Group, Inc. Alliance Global said it would invest over $500 million (around P22.5 billion) for three hotel projects which would have 1,300 rooms in all. – Nikka Corsino, GMANews.TV

LOADING CONTENT