AGI grows net profit by P8.26B in 1H

Andrew Tan. INQUIRER FILE PHOTO

MANILA, Philippines — Alliance Global Group Inc. grew its six-month net profit by 44 percent year-on-year to P8.26 billion as its property development, liquor, integrated tourism and fast-food operations all delivered double-digit earnings growth.

“All our major businesses continue to perform well within our expectations. We are confident that we can sustain our robust growth for the rest of the year,” said Andrew Tan, AGI chairman.

Megaworld Corp. contributed around 35 percent of AGI’s net income and about 28 percent to group-wide revenue. Its net profit amounted to P4.25 billion in the first half, 15 percent higher year-on-year.

Beverage arm Emperador Distillers posted a 35 percent year-on-year jump in first semester net profit to P3.17 billion.

Leisure estate and gaming unit Travellers International Hotel Group, operator of Resorts World Manila, posted a 25 percent growth in six-month net profit to P2.31 billion.

Global-Estate Resorts Inc. and Golden Arches Development Corp., also delivered double-digit bottomline growth rates of 25 percent and 47 percent, respectively, in the first six months versus the same period last year.