AGI net profit up 21 % in Q1 2019
MANILA, Philippines – Tycoon Andrew Tan-led conglomerate Alliance Global Group Inc. (AGI) grew its attributable first quarter net profit by 21 percent year-on-year to P4.4 billion on higher earnings from its property development, liquor and fast-food businesses.
Consolidated revenues for the three-month period rose by 19 percent this year to P41 billion.
Including earnings attributable to non-controlling interest, net profit went up by 16 percent year-on-year to P6.5 billion.
“Our much-improved performance is a testament to our strong brand equity across all our business segments. We will continue to offer our premium products and excellent services to the market as we remain optimistic of the opportunities that lie ahead,” AGI chief executive officer Kevin Tan said in a disclosure to the Philippine Stock Exchange on Monday.
Property arm Megaworld Corp., beverage arm Emperador Inc. and fast-food unit Golden Arches Development Corp. (GADC) all grew first quarter net profit at a double-digit pace compared to the previous year, making up for the decline in the earnings of Travellers International Hotel Group Inc., whose operating expenses and financing costs surged with the opening of new hotel and gaming space in Resorts World Manila.
GADC – which holds the exclusive franchise to operate restaurants in the Philippines under the “McDonald’s” brand – boosted its attributable first quarter net profit by 16 percent year-on-year to P383 million. /g
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