Alliance Global sees 38% profit growth

A holding firm engaged in real estate, food and beverage, gaming, and tourism said Tuesday its expects profits to grow by 38 percent this year and next. Andrew Tan-led Alliance Global Group Inc. (AGI) made the forecast on the back of strong growth in gaming and tourism earnings and sustained income from real estate operations. In a statement, AGI said it would likely end the year with a net income of P6.62 billion from P4.8 billion last year. “The company also expects to replicate its growth this year with another 38 percent growth in net income in 2011," the company said. In line with its income forecast the company plans to give shareholders a cash dividend of at least 0.33 centavos per share, revising the 0.18 centavos it announced earlier this year. By 2011, AGI expects to have accumulated at least P60 billion in cash resources that will be used to develop prime properties in its Metro Manila portfolio, particularly in the Fort Bonifacio Global City in Taguig. “AGI is focused on and has leadership positions in high-growth industries that mirror the strength and prospects of the Philippine economy, namely, consumer, business process outsourcing and tourism," AGI said. AGI president Kingson Sian said the company’s fastest growing business segment was its tourism and gaming business, which operates under Travellers International Hotel Group, Inc. Travellers International, a joint venture of AGI and Hong Kong’s Genting Hong Kong Ltd., operates Resorts World Manila, the country’s first integrated tourism estate in Newport City across the Ninoy Aquino International Airport Terminal 3. The biggest revenue source for the AGI is property developer unit Megaworld Corp. that sold P33 billion worth of projects in the January-August period of the year, — LBG/VS, GMANews.TV