Alliance Global posts P17.2-B profit in 2013
MANILA, Philippines - Andrew Tan's Alliance Global Group Inc (AGI) said its attributable net profit jumped 24 percent to P17.2 billion in 2013, from P13.9 billion in 2012, driven by the strong performance of its property and liquor units.
AGI said consolidated revenues grew 21 percent to P123.4 billion in 2013, from P102.1 billion in 2012.
"We are elated that the group continues to show robust financial performance. We believe that all the ongoing expansion happening at the major subsidiaries of AGI will provide the impetus for sustained growth in the long run,” said Kingson U. Sian, president and chief operating officer.
AGI said its subsidiaries, Emperador Inc., Megaworld Corporation, Travellers International Hotel Group, Inc., Golden Arches Development Corp. (GADC) and Global-Estate Resorts Inc. (GERI), performed strongly in 2013.
Emperador, which is majority-owned by AGI, reported P5.3 billion in attributable earnings, while Megaworld contributed another P5.3 billion.
Travellers International, which operates Resorts World Manila, contributed nearly P1.2 billion. GADC, which holds the Philippine franchise for McDonald's, and GERI reported P387 million and P224 million in attributable earnings respectively.
AGI said its total assets rose 22 percent to P332.4 billion as of end-2013. It ended last year with cash and cash equivalents of P95 billion, up 40 percent. This was attributed to operations, borrowings, and the stock offerings of Emperador and Travellers International.
Emperador said its subsidiary Emperador Distillers Inc sold two million more cases of its products in 2013, bringing the full year volume to 33 million cases. This despite the increase in liquor tax at the beginning of 2013.
Megaworld reported a 22 percent jump in net income to P9.03 billiion in 2013, on the back of strong residential sales and higher leasing income from its office and retail portfolio.
Travellers, a joint venture of AGI and Genting Hong Kong, said its net profit plunged to P2.74 billion in 2013, as it booked P2 billion in foreign exchange losses.