AGI posts 68% profit growth
Philippine Daily Inquirer
Tycoon Andrew Tan-led Alliance Global Group Inc. grew its 2011 net profit attributable to parent equity holders by 68 percent to P11.6 billion.
The company’s performance was boosted by the earnings of flagship property unit Megaworld Corp. and certain one-time gains.
Including minority interest, AGI’s net profit rose by 55 percent to P14.7 billion while revenue jumped by 49 percent to P66.1 billion last year.
The company’s reported earnings last year included a non-recurring gain of P3.1 billion from the acquisition of a subsidiary during the period. Excluding extraordinary earnings, core earnings grew by 22 percent, AGI chief finance officer Dina Inting said in a statement.
Inting said the growth of the company was led by real estate arm Megaworld, which contributed 40 percent of total revenue.
Megaworld revenue reached P28.6 billion in 2011, up by 39 percent. Net income, amounted to P8.15 billion, 60 percent higher than a year ago.
Megaworld’s earnings last year also included a non-recurring gain of P2 billion from the sale of AGI shares.
Net of the one-time gain, Megaworld’s core profit was still up by 21 percent year on year.
Megaworld’s performance was backed by strong sales posted by its residential projects in Newport City, McKinley West and McKinley Hill, Eastwood City, and higher leasing income from its business process outsourcing and retail portfolio.
Revenues and profits from the rest of AGI’s portfolio of businesses also grew in line with targets, the company reported. AGI also has interests in other industries such as food and beverage, quick service restaurants and integrated tourism estates.
Food and beverage arm Emperador Distillers produces Emperador, Generoso and Emperador Light brandies and a line of flavored alcoholic beverages called The Bar.
The company recently launched two new product variants of The Bar, which are The Bar Citrus Tequila and The Bar Silver Vodka.
Golden Arches Development Corp. operates the quick service restaurant business under the McDonald’s brand.
Travellers International Hotel Group Inc. and partner Genting Hong Kong operate Resorts World Manila, the first integrated tourism estate in the country. Resorts World Manila is located in Newport City, set across from Terminal 3 of the Ninoy Aquino International Airport in Pasay City. Doris C. Dumlao
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