Andrew Tan’s holding firm posts 22% jump in H1 core profit

MANILA, Philippines – Alliance Global Group Inc (AGI) of tycoon Andrew Tan said Thursday, August 16, its core net income attributable to owners grew 22% in the first half of 2012 from a year ago to P5.73 billion, thanks to the continued strong performance of its real estate unit.

In a statement, the company said growth came as revenues rose 69% to P51.07 billion during the period.

The company did not provide its net income, which included a non-recurring gain from its acquisition of tourism unit Global-Estate Resorts Inc.

It said its revenues were boosted by robust sales of real estate developer Megaworld Corp and the consolidation of casino unit Travellers International Hotel Group Inc.

Megaworld, which accounted for 30% of revenues and 42% of core net income, saw its core profit rise 15% to P3.69 billion in the first half, backed by higher residential sales and leasing income from its office and retail projects.

Other units also performed “in line with targets,” AGI said.

Aside from Megaworld, Global-Estate and Travellers International, AGI also owns food and beverage company Emperador Distillers Inc and McDonald’s operator Golden Arches Development Corp.

AGI said without elaborating that Emperador will “contribute significantly to our group’s earnings this year.” – Rappler.com