Andrew Tan-led Alliance Global 9-mo profits up 33% to P6.75-B
MANILA, Philippines - The holding firm of Andrew Tan, one of the country's richest, reported a P6.75 billion net income in the first 9 months, reflecting a 33% increase from a year ago.
In a statement on Wednesday, November 14, Alliance Global Group, Inc. said its real estate arm, Megaworld Corp., contributed around 39% to AGI's net income and about 30% to total P78.09 billion revenues during the period.
Revenues hiked 70% from 2011's P46.02 billion level, largely due to the consolidation of Travellers International Hotel Group Inc. this 2012, Alliance said.
"We expect our consumer product business and tourism-related real estate business to continue their growth momentum over the next year," Dina Inting, AGI chief finance officer, said in the statement.
Alliance said Megaworld's higher revenues and core net income of P9 billion were due to strong pick-up of its residential projects--particularly those in Newport City, McKinley West, McKinley Hill and Eastwood City--as well as leasing income from its BPO and retail portfolio.
Alliance's business portfolio includes Emperador Distillers, Inc., Golden Arches Development Corp. (franchisee of McDonalds fast food operations), Travellers International, and Global-Estate Resorts.
Alliance Global Group, Inc. booked P9 billion in core net income in the nine months to September, up 33% from P6.75 billion in the same period last year. - Rappler.com