MANILA - Alliance Global Group Inc., the holding firm of tycoon Andrew Tan, reported a 29% growth in net income for the first 6 months of the year on the back of higher revenues from its real estate and quick service restaurant (QSR) businesses.

In a disclosure to the Philippine Stock Exchange, Alliance Global said its net income reached P3.2 billion as of end-June, 29% higher than the P2.67 billion recorded in the same period last year.

Total revenues grew 12% to P17.3 billion from P15.4 billion, with the real estate unit accounting for 50%. The company's QSR and food and beverage subsidiaries accounted for 27% and 16%, respectively.

Alliance Global's property arm Megaworld Corp. posted a 19% growth in total revenues during the 6-month period. Real estate sales rose 15%, while property rental income jumped 41% due to high occupancy rates in both office spaces and retail developments.

Golden Arches Development Corp. (GADC), which oversees the local operations of US fastfood giant McDonald's, reported a 16% rise in revenues to P4.7 billion. This was driven mainly by a 16% growth in sales and a 30% jump in revenues from franchised restaurants.

GADC opened a total of 12 stores as of end-June, bringing the total number of McDonald's branches nationwide to 289.

Meanwhile, Emperador Distillers Inc. suffered an 18% drop in profits due to lower sales of alcoholic drinks.

"The demand for the alcholic drinks, being premium items, was affected by competition and inflation. Nevertheless, The Bar, a new flavored alcohol drink launched this year, is selling very well," Alliance Global said.

With its robust first-half profits, Alliance Global said it remains focused on its business programs amid the economic downturn.

"The higher cost of commodities, volatility of foreign currency rates, and softening of consumer spending may have affected the business environment, but Alliance Global is committed to facing these challenges head-on. Management will continue to adopt prudent measures to ensure financial sustainability and look for new opportunities that will enhance the overall profitability of the group while maintaining established markets," Alliance Global said.