Andrew Tan-led holding firm's profits up 33% to P6.7B
MANILA, Philippines - Alliance Global Group, Inc. booked P9 billion in core net income in the nine months to September, up 33% from P6.75 billion in the same period last year.
The Andrew Tan-led firm said consolidated revenues grew 70% to P78.09 billion in January to September from P46.02 billion last year, due to the consolidation of Travellers International Hotel Group Inc. this year, AGI said in a statement.
"We expect our consumer product business and tourism-related real estate business to continue their growth momentum over the next year," Dina Inting, AGI chief finance officer, said in the statement.
The firm's real estate arm, Megaworld Corp. contributed around 39% to AGI's net income and about 30% to total revenues in the nine-month period.
AGI said Megaworld's higher revenues and core net income was due to strong sales of its residential projects, particularly those in Newport City, McKinley West, McKinley Hill and Eastwood City.
Earnings of Megaworld was also partly driven by its leasing income from its BPO and retail portfolio, AGI said.
Aside from Megaworld, AGI said the rest of its businesses also booked higher profits during the period.
AGI's portfolio include Emperador Distillers, Inc., Golden Arches Development Corp., Travellers International, and Global-Estate Resorts.