Alliance Global earns 34% more in Q1

Manila, Philippines -  Alliance Global Group Inc. (AGI), the investment holding firm of real estate tycoon Andrew Tan, said its core net income grew 34 percent in the first quarter this year to P2.96 billion, driven by solid growth across all businesses.

Consolidated revenues jumped 78 percent to P24.35 billion, largely due to the consolidation of Travellers International Hotel Group Inc. this year.

The significant growth was buoyed by robust sales from its property arm Megaworld Corp., which chalked up a net income of P1.58 billion or an increase of 27 percent.

Megaworld accounted for 28 percent of AGI’s total revenues, pumping in P7 billion or 22 percent higher than the previous level.

Sales came from its residential projects in Newport City, McKinley West, McKinley Hill and Eastwood City, as well as strong leasing income from its BPO and retail portfolio.

AGI said revenues and profits of other businesses also grew in line with targets. Apart from real estate, AGI has interests in industries such as food and beverage, quick service restaurants and integrated tourism estates.

Emperador Distillers Inc. (EDI), the largest Philippine liquor company by sales volume, reported a 124 percent surge in net income on the back of a 64 percent jump in revenues.

Higher consumer spending coupled with the increase patronage of EDI’s projects were factors in the liquor firm’s strong performance.

Kingson Sian, president of AGI, said EDI is expected to sustain its upward trajectory, significantly contributing to AGI’s earnings.

EDI produces Emperador, Generoso and Emperador Light brandies and a line of flavored alcoholic beverages called The Bar. It recently launched two new product variants of The Bar — Citrus Tequila and Silver Vodka.

Golden Arches Development Corp. operates the quick service restaurant business under the McDonald’s brand.

Meanwhile, Travellers International with its partner Genting Hong Kong, operates Resorts World Manila, the first integrated tourism estate in the country. Resorts World Manila is located in Newport City, across from Terminal 3 of the Ninoy Aquino International Airport in Pasay City.

As of end-March 2012, AGI’s total cash and cash resources stood at P63.8 billion.