MANILA, Philippines – Alliance Global Group Inc. of tycoon Andrew L. Tan booked a net income of P16.2 billion in the first nine months of the year, down 5.8 percent from the P17.2 billion recorded in the same period last year.
Consolidated revenues, however, grew 11.28 percent to P99.6 billion.
“The group’s financial performance continues to be compelling despite challenges faced by the gaming industry. We are strengthening the building blocks of sustained profitability and shareholder value in the long term,” AGI president and chief operating officer Kingson Sian said.
Property unit Megaworld Corp. reported a net profit of P8.35 billion in the nine-month period, up 12.5 percent year-on-year. Rental income grew 24 percent, putting the company on track to meet its P9 billion target.
Liquor subsidiary Emperador Inc. posted a net income of P4.7 billion, up three percent year-on-year as revenues expanded 45 percent.
Among the products launched during the nine month period are Smirnoff Mule ( a blend of ginger beer, lime and vodka), Andy Player whisky, and Whyte and Mackay products led by single malt whisky brands Dalmore and Jura.
Resorts World Manila operator Travellers International Hotel Group, Inc. managed to remain profitable with its net income hitting P2.8 billion on revenues of P20.4 billion. Gaming revenues contributed P17.9 billion while hotel, food and beverage accounted for P1.7 billion of total revenues.
Phase 2 expansion of Resorts World Manila is almost complete with the Marriott Grand Ballroom now fully operational. The Marriott West Wing, which will add 228 hotel rooms, is on track for completion early next year.
Phase 3 expansion, on the other hand, is scheduled to be completed by the end of 2017 and will consist of three hotels that will add a total of 936 hotel rooms.
Golden Arches Development Corp., holder of the exclusive right to operate restaurants in the Philippines under the McDonald’s brand, reported a net income of P520 million.
Manwhile, earnings of Megaworld subsidiary Global-Estate Resorts Inc. (GERI) continued to soar in the nine months to September, driven by robust demand for its integrated leisure and tourism township projects.
GERI’s net profit surged 67 percent to P534 million as revenues jumped 86 percent to P3.82 billion. Real estate sales more than doubled to P3 billion with sales take up of projects in Alabang West and Boracay Newcoast remaining strong.
To date, GERI has five major developments across the country covering around 2,146 hectares of land. These projects are the Boracay Newcoast in Aklan, Twin Lakes in Batangas, Southwoods City on the boundaries of Cavite and Laguna, Sta. Barbara Heights in Iloilo, and Alabang West in Las Piñas.
SOURCE: Philstar Business