MANILA, Philippines - Alliance Global Group Inc., the listed holding firm of property tycoon Andrew Tan, sees its core profit rising 20 percent this year to a little over P10 billion, according to a top company official.
AGI president Kingson Sian said the company is on track to meet its full year income target largely on the strength of its core businesses.
“We are well positioned for continued growth, focused on high growth sectors – consumer, property and tourism. We have a strong brand equity across all units,” Sian said.
He said hard liquor unit Emperador Distillers Inc. (EDI) is looking at 2012 as another record year in terms of sales and revenues as it rolls out new products and steps up marketing efforts. The company is seen to post a 20-percent rise in net income this year from P2.31 billion in 2011.
With the expected passage of a bill that restructures taxes on cigarettes and liquor, EDI intends to implement a five to seven percent increase in product sales hike.
Travellers International Hotel Group, a joint venture with Malaysian conglomerate Genting Group, is also set to start construction of the $1.1-billion 31-hectare Resorts World Bayshore project at the Entertainment City in Manila.
Sian said Travellers will spend an initial $550 million to jumpstart the project which will be twice the size of the existing Resorts World Manila, another property owned by the group and the first integrated resort to rise in the country. It is targeted for opening in 2016.
The 2016 opening puts Travellers among the last to open a gaming and resort complex at the Entertainment City. Razon-led Bloombery Resorts Corp. and Belle Corp. of the SM Group are expected to open their hotel and casino projects next year.
Sian, however, said he believes the group’s four-year headstart and track record will be enough to attract gaming enthusiasts and travellers. “We welcome competition. All licensees are very qualified. As new players enter, they will collectively expand the pie and contribute to the country’s economic growth.”
“We have a very good partner, Genting Group, a conglomerate witah diversified interests and a wide geographical footprint,” he added.