Tycoon Andrew Tan-led conglomerate Alliance Global Group Inc. (AGI) posted P3.5 billion in first quarter net profit attributable to equity holders of he 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 earnings 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, led by real estate arm Megaworld Corp., liquor subsidiary Emperador Inc. and quick service restaurants business under Golden Arches Development Corp (GADC).
On the other hand, the gaming and leisure operations under Travellers International Hotel Group Inc. saw a 35-percent year-on-year drop in first quarter net profit to P445.13 million as gaming revenues fell by 15 percent to P4.48 billion during the period. However, Travellers—developer and operator of Resorts World Manila —posted a 4-percent quarterly recovery in gaming revenues.
“Our operating performance in the first quarter 2018 remained stable, attributed to the hefty investments we continue to pour into our various businesses as part of our long-term growth strategy,” AGI president Kingson Sian said.