AGI H1 income doubles

Alliance Global Group Inc. more than doubled its net profit in the first semester on higher real-estate revenues as well as one-time gain following its takeover of Fil-Estate Land Inc.

Net income attributable to owners of AGI led by tycoon Andrew Tan amounted to P8.06 billion, up by 118 percent from P3.69 billion in the same period last year.

AGI’s growth was led by real-estate arm Megaworld Corp. which contributed 41 percent of total revenues. Its revenues surged by 70 percent to P15.75 billion in the first half.

Megaworld’s net income amounted to P5.16 billion, up by 131 percent from a year ago, including a nonrecurring gain of P2 billion from the sale of AGI shares of stock. Net of the one-time gain, profit was up by 41 percent year on year.

Group-wide revenues hit a semestral record-high of P33.59 billion, compared with P21.26 billion in the same period last year.

Excluding the one-time gain from the Fil-Estate transaction, there was still a year-on-year profit growth of 31 percent in the first six months.

The one-time gain was from the acquisition of a majority stake in Fil-Estate, which was renamed Global Estate Resorts.