Andrew Tan’s Alliance Global Group (AGI) saw a 20% drop in net income to P3.2 billion in the first quarter of 2021, as the coronavirus pandemic continues to impact the domestic economy.

Consolidated revenues dropped 16% to P31.8 billion from P38 billion a year ago.

“During the first two months of the year, most of our businesses have already rebounded, sustaining the momentum achieved during the holiday season. However, the momentum has been halted temporarily due to new restrictions imposed as a result of surges in new cases at the end of March,” said Kevin Tan, chief executive officer of AGI.

Its liquor business Emperador helped cushion the income drop, as profits soared 43% to P2.1 billion, while revenues went up 13% to P12.1 billion in the first quarter.

Meanwhile, its property and malls business Megaworld Corporation saw a 33% year-on-year drop in the first quarter, with the COVID-19 crisis hurting residential, mall, and hotel operations.

Travellers International, owner and operator of Resorts World Manila, posted a net loss of P1.1 billion, similar to the losses in 2020.

Golden Arches Development Corporation, popularly known as McDonald’s Philippines, recorded a net income of P73 million, while consolidated revenues reached P5.7 billion.

“We are very optimistic for the next three quarters as we look forward to an accelerated vaccine rollout that would allow business activities to pick up. This pandemic taught our group to be relentlessly creative and innovative in executing and modifying some of our strategies to help our various businesses recover fast and strong,” Tan said. – Rappler.com