Alliance Global net income up 2% in 1st quarter

Tycoon Andrew Tan-led conglomerate Alliance Global Group Inc. (AGI) posted a 2-percent year-on-year growth in first-quarter net profit to P5.4 billion on higher earnings from its property, beverage and fast-food businesses.

However, integrated gaming resort unit Travellers International Hotel Group Inc.—a partnership with the Genting group of Malaysia—saw a 40.9-percent year-on-year drop in first-quarter net profit to P685.6 million. Gross gaming revenues for the quarter declined to P5.26 billion compared to P5.57 billion, which the company attributed to a lower VIP or high-roller “win” rate, which refers to the portion of bets the house wins.

Across the parent conglomerate AGI, consolidated revenues went up by 2 percent year-on-year to P33.7-billion.

“The various businesses within our group continue to evolve to ensure a more stable business platform that is capable of capturing the country’s economic growth waves,” AGI president Kingson Sian said. “Backed by our previous and ongoing strategic investments, AGI now enters a new phase of development, with all of its subsidiaries better positioned to post quality earnings and capable of sustaining their momentum over a long cycle.”

Property arm Megaworld Corp. earlier reported a first-quarter net income of P2.9 billion, up 11 percent.

Beverage arm Emperador Inc. chalked up a 7-percent increase in first-quarter profit to P1.5-billion on steady revenues and higher margins.

Golden Arches Development Corp, which holds the exclusive franchise to operate restaurants in the Philippines under the “McDonald’s” brand, expanded its first-quarter net profit by 42 percent year-on-year to P271 million. This was on the back of a 13-percent growth in sales revenues to P5.9 billion.