AGI nets P7.3B; Travellers nets P1.8B

TYCOON Andrew Tan-led Alliance Global Group Inc. saw a 2.95 percent year-on-year decline in first semester net profit attributable to equity holders of parent firm to P7.28 billion on muted earnings from its integrated resort business.

Resorts World Manila developer Travellers International Hotel Group Inc. marked a 25-percent year-on-year drop in attributable net profit to P1.8 billion in the first semester. However, second quarter attributable net profit improved by 2.6 percent year-on-year to P638.6 million as gross gaming revenues rebounded in line with the rest of the local gaming industry.

Including earnings attributable to non-controlling interest, AGI’s net income rose by 3 percent year-on-year to P6.08 billion in the second quarter of this year on the back of a 3 percent expansion in consolidated revenues to P34 billion. AGI’s attributable net income for the second quarter stood at P3.95 billion, dipping by 1.98 percent year-on-year.

“Amidst intensifying competition, we continue to build on our strengths while maintaining our cost efficiencies. That way, we achieve operating leverage as we execute our growth strategies for our domestic and international operations,” AGI president and chief operating officer Kingson Sian said in a press statement on Monday.