Property, food units lift Alliance Global income
MANILA -Tycoon Andrew Tan-led conglomerate Alliance Global Group Inc. (AGI) said profits during the first nine months of the year climb 9 percent to P12.9 billion as core property and fast food segments posted strong results while casino arm Travellers International recorded a turnaround.
From January to September this year, AGI said total revenues expanded by 17 percent to P150.4 billion, the company said in a stock exchange filing on Tuesday.
“The Alliance Global Group has sustained its strong financial and operating performance in the first nine months of the year even in the wake of persistent domestic and global economic challenges,” Kevin Tan, CEO at AGI, said in the filing. “We look forward to a more hectic economic activity in the last quarter, accompanied by the much-vaunted holiday spending. Given our superior and attractive product offerings, and armed with an indomitable spirit, we hope to end the year on a stronger note regardless of the macro headwinds,” he added.
During the nine-month period, profits at property arm Megawold Corp. surged 43 percent to P12 billion while revenues increased 14 percent to P48.6 billion.
