Alliance Global Group doubles net income

Alliance Global Group Inc., the holding firm of Andrew Tan, doubled its earnings in the year's first six months, helped by strong revenues and a one-time gain. Alliance Global told the Philippine Stock Exchange on Tuesday that its net income for the period rose 100 percent to P9.65 billion from P4.83 billion in the same period last year as revenues improved 58 percent toP33.59 billion from P21.26 billion. The earnings growth was also helped by a non-recurring gain of P3.35 billion from the acquisition of a subsidiary during the period. Megaworld Corp., the real estate arm of Alliance Global, contributed the bulk of the revenues, accounting for 41 percent. Revenues and profits from the rest of AGI's portfolio of businesses also grew. Besides real estate, AGI has interests in food and beverage, quick service restaurants and integrated tourism estates. "Despite the strong revenues and profit numbers of the first half of the year, we continue to remain focused on delivering the goals that we have set for ourselves a few years ago. (Alliance Global) has a proven track record of creating value over time and is confident in its ability to deliver sustainable profitable growth and value for its shareholders," said Dina Inting, Alliance Global chief financial officer. - CMA/OMG, GMA News