Real estate sales lift Andrew Tan-led holding firm’s 2011 income

Rappler.com
Alliance Global reports 68% growth in last year's earnings to P11.6 billion thanks to the performance of real estate unit, Megaworld

MANILA, Philippines – Alliance Global Group Inc., the holding firm of billionaire Andrew Tan, said its earnings last year surged 68%, owing mainly to strong real estate sales.

In a statement posted on the Philippine Stock Exchange website, Alliance Global said its net income attributable to owners amounted to P11.6 billion in 2011, against only P6.9 billion in 2010. 

The company’s revenues likewise rose 49% to P66.1 billion from P44.5 billion in 2010.

It said growth was driven by real estate arm Megaworld Corp., which accounted for 40% of revenues.

Megaworld reported P28.6 billion total revenues in 2011, up 39% year-on-year, thanks to strong residential sales and leasing income.

Alliance Global’s other businesses also grew in line with targets, it said.

Alliance Global owns food and beverage firm Emperador Distillers, local fast food chain McDonald’s, and gaming and tourism unit Travellers International Hotel Group. – Rappler.com