Alliance Global Group Inc. of tycoon Andrew Tan said net income in the first quarter of 2018 inched up 1 percent to P3.5 billion on year after higher interest charges and unrealized foreign exchange losses tempered the gains of the property, liquor and fast-food businesses.
AGI said in a disclosure to the stock exchange first-quarter revenues rose 5 percent to P35.3 billion from the year ago level of P33.7 billion as all of the group’s major subsidiaries delivered a good performance, led by Megaworld Corp., Emperador Inc., Golden Arches Development Corp. and Travellers International Hotel Group Inc.
“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.
Megaworld reported an attributable net income of P3.2 billion in the first quarter, up 11 percent year-on-year. Consolidated revenues rose 9 percent to P13.1 billion, boosted by a 17-percent growth in rental income to P3.4 billion and a 6-percent improvement in residential revenues to P8.8 billion.
Liquor unit Emperador registered an attributable net income of P1.6 billion in the first quarter, up 6 percent, after consolidated revenues increased 8.5 percent to P9.7 billion.
Whisky revenues rose 13 percent year-on-year, while brandy revenues climbed 6 percent from a year ago.
TIHGI, owner and operator of Resorts World Manila, registered a 28.2-percent decline in net income to P444 million on lower gross gaming revenues.
The decrease in gross gaming revenues was due to lower revenue contribution from the non-VIP segment as a result of lesser gaming capacity and despite a 22-percent growth from the VIP segment.
AGI said TIHGI expects to further enhance its operating performance with the partial launch May 9 of the Grand Wing under its Phase 3 expansion.
For completion this year, the Grand Wing offers an additional 940 hotel rooms, coupled with an expanded gaming capacity and high-end retail space.
Meanwhile, GADC, which holds the exclusive franchise to operate restaurants in the Philippines under the “McDonald’s” brand, reported a 23-percent increase in first quarter net income to P329 million as sales revenues expanded 12 percent to P6.6 billion.
