Alliance Global posts 42% profit hike to P19.2B

MANILA, Philippines - Andrew Tan’s investment holding firm Alliance Global Group Inc. (AGI) posted another hefty improvement in its profits on the back of higher income of all its major businesses.

In a disclosure, AGI reported that its net profit reached P19.2 billion in January to September, up 42 percent from P13.5 billion a year ago.

“The group’s financial performance is unprecedented. Our strategy of remaining focused on each of our businesses continues to pay off and we remain confident that AGI will continue to reach higher levels of profitability in the long term,” said company president and chief operating officer Kingson Sian.

Consolidated revenues also rose 19 percent to P93.4 billion from P78.3 billion last year.

For its nine-month earnings, AGI said brandy maker Emperador Inc. contributed nearly P4.3 billion, followed by property firm Megaworld Corp. at P3.7 billion, hotel and casino operator Travellers International Group Inc. at P1.7 billion, McDonald’s master franchise holder Golden Arches Development Corp. (GADC) at P251 million and tourism estate developer Global-Estate Resorts Inc. (GERI) at P147 million.

AGI’s total assets rose 16 percent to P317 billion from P273 billion while cash and cash equivalents increased to P83.2 billion from P68.3 billion at the beginning of 2012.

Emperador posted P21 billion in revenues, up 22 percent year-on-year due to sustained growth in sales volume. Megaworld’s revenues hit P26.68 billion, 12 percent higher from P23.85 billion last year.

Resorts World Manila owner and operator Travellers Group’s revenues grew 16 percent to P27.1 billion in the nine-month period from P23.4 billion a year ago driven by gaming revenue.

“The other subsidiaries of AGI, GADC and GERI also showed double-digit growth rates in the first nine months of 2013 versus the same period of 2012,” the conglomerate said.