MANILA - Alliance Global Group Inc., the holding firm of tycoon Andrew Tan, reported a 16% jump in earnings for the first 9 months of the year owing to the improved performance of its business units.

In a statement, the company said its net income rose to P4.7 billion from P4.1 billion as total revenues grew 7% to P25.6 billion from P23.9 billion. Net income attributable to shareholders rose 28% to P3.2 billion from P2.5 billion.

Alliance Global's property arm, Megaworld Corp., was still the key growth driver, accounting for 50% of the group's revenues.

The consumer product division, composed of liquor maker Emperador Distillers and fastfood chain McDonald's, contributed 45% of total revenues, while the balance of 5% came from finance and other income.

Megaworld, a leading developer of mid-income residential condominiums and office buildings, posted a net income of P3 billion, up 5% from P2.9 billion a year ago.

Emperador and McDonald's, meanwhile, registered a combined net income of P756 million, up 14% year-on-year.

"AGI had a relatively strong first three quarters despite the tough global economic conditions—proof that the fundamentals of our business remain strong,” said Alliance Global President Kingson Sian.

"We are confident that we executed the right strategies last year and took the right actions to drive the sustained growth of AGI," Sian added. He was referring to the company's expansion efforts under its existing businesses—property, food and beverage and quick service restaurants—and its recent foray into hotel and tourism under a joint venture with Star Cruises Limited of Hong Kong through subsidiary Travellers International Hotel Group Inc.

Last year, Alliance Global, through unit Travellers International Hotel Group, entered into a joint venture with the world's third-largest cruise line operator, Star Cruises Limited, to build the country's first integrated tourism city in Newport City located across from Terminal 3 of the Ninoy Aquino International Airport.

Called Resorts World Manila, the project will host the all-suite Maxims Hotel, the five-star Marriott Hotel, and a budget hotel called Remington Hotel, with total capacity of 1,500 rooms.

Once completed in 2012, the project would generate more than 10,000 direct and indirect jobs.

Travellers will also build the larger Resorts World Bayshore City, another integrated tourism city in the Manila Bay area. It will host hotels, an entertainment complex, museums, and restaurants.

Travellers has committed to invest at least $1.1 billion for the development of the 2 Resorts World projects over the next 5 years.

"We believe that our existing projects will be able to position AGI as a major player in growing tourism industry in the country,” Sian said.