From James A. Loyola
Alliance Global Group, Inc. (AGI), the investment arm of tycoon Andrew L. Tan, reported that its consolidated net income rose 23% to P18.6 billion in the first nine months of 2018, from P15.2 billion in the same period. last year.
In a statement to the Philippine Stock Exchange, AGI said this was achieved with a 12% increase in consolidated revenues to P112.1 billion, compared to P100.3 billion last year.
"We are inspired by the strong performance of the Group and will continue to work hard to deliver good results across our business segments," said AGI Executive Director Kevin L. Tan.
Net attributable income also showed a strong 18% growth, to P12.1 billion in the first nine months of 2018, from P10.2 billion a year earlier.
"We recognize the many exciting domestic and international market opportunities as we continue to pursue our aggressive expansion program with an investment commitment of P240 billion by 2020," noted Tan.
He added, "At the same time, we intend to manage our costs and keep our leverage levels low while we remain vigilant in the face of global economic obstacles."
Megaworld Corporation, a municipal developer of urban condominiums, posted a net attributable income of P11.3 billion in the first nine months of 2018, up 13 percent from a P10 billion recorded a year earlier.
Liquor subsidiary Emperador, Inc. posted a 16 percent growth in net attributable profit to P5.1 billion in the first nine months of 2018, from P4.4 billion a year earlier.
"We expect the Emperor to continue with its product diversification strategy to embrace the broad tastes of the premium beverage market and thus further increase its profitability," Tan said.
Travelers International, owner and operator of Resorts World Manila (RWM), reported net attributable profit of P1.8 billion over the nine-month period, compared to a loss of P34 million in the previous year.
The Golden Arches Development Corporation (GADC), which owns the exclusive McDonald's franchise in the Philippines, reported attributable net profits of P991 million in the first nine months of 2018, an increase of 3% over P966 million the previous year .