TYCOON Andrew Tan-led conglomerate Alliance Global Group Inc. (AGI) chalked up a net income of P5.3 billion in the first three months, about 5 percent lower year-on-year due to the slump in the gaming business.
Travellers International Hotel Group Inc. (TIHGI) posted a net profit of P1.2 billion in the first three months, 31 percent down year-on-year. The group said on Friday it continued to focus on “achieving quality of earnings by building on the non-VIP segment and expanding its non-gaming business.” Gross revenues stood at P6.6 billion, down by around 3 percent year-on-year.
“We executed well in the first quarter despite the heavy external headwinds and the initial uncertainty leading to the May elections,” said Kingson Sian, AGI president and chief operating officer.
AGI’s consolidated revenues were generally steady at P33.1 billion.
The group harnessed the underlying strength of its subsidiaries, such that “when election spending, sharp decline in oil prices, and government expenditures pushed up domestic demand in the first quarter, our subsidiaries were able to maintain their respective industry footing,” said Sian.