MANILA, Philippines—Tycoon Andrew Tan’s Alliance Global Group Inc. jacked up its first quarter net profit by 179 percent to P6.19 billion on strong real estate and consumer goods businesses as well as some one-time gains.
“Alliance Global is on a strong growth trajectory,” said AGI chief finance officer Dina Inting. “Our net income, excluding the non-recurring gain, is up by 28 percent to P2.85 billion.”
The headline net profit included a non-recurring gain of P3.35 billion from the acquisition of a subsidiary.
Real estate subsidiary Megaworld Corp. was a key driver of growth. It contributed about 33 percent to AGI’s consolidated revenues of P17 billion, which were up 62 percent from a year ago.
For the first quarter of 2011, Megaworld and Emperador Distillers recorded net profits of P1.24 billion and P458 million, respectively.
The combined cash position of AGI’s other business units, including Travellers Group, reached P64.8 billion, which the company attributed to higher operating efficiency.