AGI’s six-month net profit flat at P7.5B
TYCOON Andrew Tan-led conglomerate Alliance Global Group Inc. posted a six-month net profit of P7.5 billion, flat compared to the level last year, on mixed results among subsidiaries.
Including minority interest, AGI’s net profit for the first semester amounted to P11.5 billion, slightly higher than the P11.37 billion bottom-line reported in the same period last year.
Taking out the impact of non-recurring items, AGI said in a press statement on Friday that its six-month net profit attributable to equity holders of parent had risen by 4 percent year-on-year to P7.5 billion. Including minority interest, AGI said that the first semester net profit of P11.5 billion was higher than the underlying net profit in the same period last year.
“Our group’s sustained profitability continues to be underpinned by AGI’s subsidiaries as they all consistently show visible earnings. All the consumer-centric companies that are majority-owned by AGI exhibited profitability in the first half of this year,” AGI president Kingson Sian said in a press statement.
Property arm Megaworld Corp. posted a 12.5-percent year-on-year increase in recurring earnings amounting to P5.4 billion. Including one-off items, Megaworld saw a 67-percent decline in first semester profit. This was because in the comparative six-month period in 2014, Megaworld booked non-recurring gains of P11.62 billion due to its acquisition from AGI of a 49.2 percent stake in leisure estate arm Global-Estate Resorts Inc.
Beverage arm Emperador Inc., on the other hand, chalked up a net income of P3.3 billion, 7 percent higher year-on-year.
Article continues after this advertisementTravellers Hotel International Group Inc. posted a net income of P2.4 billion, down by 1.7 percent year-on-year as gaming revenues dipped alongside some foreign exchange overhang.
Golden Arches Development Corp., master franchise-holder of the McDonald’s fastfood chain in the Philippines, reported a net income amounting to P324 million for the first six months compared to P322 million in the same period last year.
