EARNINGS: Alliance Global says 9-mo. net income up 63%

Conglomerate Alliance Global Group Inc. on Monday said its net income rose year-on-year by 63 percent to P5.39 billion in January-September on strong performance of its casino and real estate operations. The firm said its nine-month revenue totaled P32.3 billion, up by 27 percent from P25.4 billion a year earlier. “The groundwork that we have laid in the past several years is now starting to pay off," Alliance Global chairman Andrew Tan said in a statement. The company’s investment focus from real estate to integrated tourism hubs “have proven to be the right strategy for our group," he added. Property firm unit Megaworld Corp. accounted for 49-percent of Alliance Global’s total revenues. Non-real estate units Emperador Distillers Inc., Golden Arches Development Corp., and Travellers International Hotel Group contributed 51 percent to the conglomerate’s total revenues. Alliance Global expects to close 2010 with a net income of P6.62 billion and 2011 with P9.1 billion. “With the improving global economic climate, backed by the renewed optimism of the local and foreign investors regarding the growth prospects of the Philippines, we are confident that Alliance Global is poised to take advantage of such an environment and build on the momentum we have created in all segments of our business," Alliance Global president Kingson Sian said. — JE/VS, GMANews.TV