Tan, Zobel, Ty firms post higher profits
MANILA, Philippines — Conglomerates owned by 3 of the 50 richest people in the Philippines based on a Forbes list posted double-digit profit growth rates in January to June 2013.
Alliance Global Group Inc. of Andrew Tan, Ayala Corp. of Jaime Augusto Zobel de Ayala, and GT Capital Holdings Inc. of George Ty reported higher earnings to the Philippine Stock Exchange on Tuesday, August 13.
The conglomerates said their core businesses, especially their real estate and banking arms, performed strongly.
See how much each of them earned during the first half of the year.
Alliance Global Group Inc.
- Net income rose 34% to P11.26 billion from P8.41 billion last year
- Consolidated revenues grew 19% to P61.08 billion from P51.19 billion last year
- Property unit Megaworld Corp. booked a 15% rise in net income to P4.25 billion, accounting for 35% of the group's income
- Food and beverage arm Emperador Distillers Inc. saw a 35% jump in net income to P3.17 billion
- Casino operator Travellers International Hotel Group Inc. grew its profit by 25% to P2.31 billion
- Net income rose 20% year-on-year to P7.3 billion
- Consolidated revenues reached P74.6 billion, 21% higher than in the same period of 2012
- Minus the impact of accelerated depreciation as a result of the network modernization of telecommunications unit Globe Telecom Inc., core net income went up 42% to P8.9 billion
- Banking arm Bank of the Philippine Islands booked P12 billion net income or 27% improvement year-on-year.
- Property unit Ayala Land Inc. booked a 30% growth in net income to P5.6 billion
- Water subsidiary Manila Water Co. Inc. recorded a net income of P2.9 billion, up 11% year-on-year
- Globe booked higher revenues, but depreciation charges pulled down its net profit by 72% to P1.4 billion. Excluding the charges, Globe's core net income grew 13% to P6.4 billion
- Revenues of other subsidiaries engaged in microelectronics and outsourcing also improved
GT Capital Holdings Inc.
- Net income grew 51% to P6.1 billion from P4 billion last year
- Rise in revenues was due to higher contributions from banking unit Metropolitan Bank and Trust Co. and insurer AXA Life Insurance Corp., as well as the strong performance of real estate unit Federal Land Inc., power arm Global Business Power Corp., and car manufacturer Toyota Motor Philippines Corp.
- Metrobank's earnings more than doubled to P18.1 billion from the P7.4 billion, exceeding the bank's full-year 2012 net income of P15.4 billion, following robust gains from treasury and investment activities
– Shadz Loresco, Rappler.com