AGI nets P3.5B

Tycoon Andrew Tan-led conglomerate Alliance Global Group Inc. (AGI) posted P3.5 billion in first quarter net profit attributable to equity holders of parent firm, down by 2 percent year-on-year, on slower earnings from integrated gaming operations alongside higher interest charges and foreign exchange losses.

Including interest attributable to minority, consolidated net profit for the first three months rose by 1 percent year-on-year to P5.4 billion, driven by its real estate, beverage and fast-food businesses, AGI disclosed to the Philippine Stock Exchange on Tuesday.

AGI’s consolidated revenues rose by 5 percent year-on-year to P35.3 billion in the first quarter as all of the group’s major subsidiaries delivered higher revenues, led by real estate arm Megaworld Corp., liquor subsidiary Emperador Inc. and quick service restaurants business under Golden Arches Development Corp (GADC).