AGI profit down in H1
Tycoon Andrew Tan-led Alliance Global Group Inc. saw a 2.95-percent year-on-year decline in first semester net profit to P7.28 billion on muted earnings from its integrated resort business.
Resorts World Manila developer Travellers International Hotel Group Inc. posted a 25-percent year-on-year drop in income attributable to the equity holders of the parent company to P1.8 billion in the first half.
However, second quarter 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 due to a 3-percent expansion in consolidated revenues to P34 billion.
“Amid 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 chief operating officer Kingson Sian said in a press statement on Monday.
Megaworld Corp., AGI’s flagship property company, booked a 10.4-percent growth in first semester net profit to P5.81 billion, driven by higher hotel revenues and rental income from its office, mall and commercial center portfolio.
Emperador Inc., a global player in the liquor industry and the world’s largest brandy company, grew its first semester net profit by 5.5 percent year-on-year to P3.4 billion as favorable margins made up for a modest growth in revenues.
Golden Arches Development Corp. (GADC), which holds the exclusive franchise to operate restaurants in the Philippines under the “McDonald’s” brand, saw an 87-percent year-on-year increase in net income to P307 million in the second quarter. The strong growth in profit was attributed to the 16 percent year-on-year improvement in second quarter revenues to P5.64 billion as systemwide same-store-sales grew by 10 percent year-on-year.
