MANILA, Philippines – Alliance Global Group Inc., the holding firm of billionaire Andrew Tan, reported Thursday, May 17, its core net income grew 34% in the first quarter of 2012 to P2.96 billion from P2.21 billion last year.
The company’s revenues surged 78% to P24.35 billion from P13.67 billion, “with the consolidation of Travellers International Hotel Group Inc. this year,” Alliance Global said in a statement. Travellers is the group’s tourism estate developer and casino operator.
Alliance Global did not disclose its net income, which includes one-time charges or gains.
“Our first-quarter results reflect continued solid performance,” said company president Kingson Sian.
Aside from Travellers, Alliance Global owns property developer Megaworld Corp. and food and beverage company Emperador Distillers Inc., and operates fast food chain McDonald’s in the country.
Megaworld, which accounted for bulk or 28% of total revenues in the first quarter, recorded a 22% rise in net income of P1.58 billion, backed by strong residential sales.
Earnings of Emperador Distillers, on the other hand, soared 124% to P1.03 billion, as consumers bought more of its products.
Sian said, “we expect that the strong growth of our Emperador business will contribute significantly to our group’s earnings.” – Rappler.com