Alliance Global Group Inc., the holding firm of businessman Andrew Tan, said its income in the first quarter plunged 39 percent to P4 billion, from the previous year’s P6.5 billion, as the Taal Volcano eruption and the pandemic affected its performance.
Consolidated revenues fell 7 percent to P38 billion from last year’s P41 billion, the company said.
“While most businesses have been affected by this health crisis, the situation reinforced our belief that our business model is sound and sustainable. For instance, we view our decision to focus on township developments as the way of the future,” Andrew L. Tan, the company’s CEO, said.
“Even our foray into the international market for our spirits business has allowed us to diversify our risks, even as this pandemic has global dimensions.”
Property developer Megaworld Corp. recorded a 9-percent drop in attributable net income to P3.5 billion, from P3.8 billion last year. Consolidated revenues were flat at P15.1 billion, with only rental income posting a growth of 8 percent year-on-year to P4.2 billion.
Travellers International Hotel Group Inc., Tan’s gambling arm and the operator of Resorts World Manila, had a net loss of P1 billion for the period, reversing its P244 million net income last year.
Total gross revenues declined by 19 percent year-on-year to P6.9 billion as gross gaming revenues dropped to P5.6 billion, weighed down by the impact of the temporary halt in casino gaming operations as the community quarantine was imposed by mid-March.
Non-gaming revenues fell 17 percent to P1.3 billion with the limited operations of its hotels.
Emperador, the fifth-largest Scotch whisky manufacturer in the world, recorded a 16 percent year-on-year decline in attributable profit to P1.5 billion in the first quarter. Consolidated revenues went down by 3 percent to P10.7 billion, as whisky revenues fell 8 percent during the quarter to P3.1 billion. International sales were affected by the early onset of the global pandemic.
Golden Arches Development Corp., the owner of the local franchise of McDonald’s fast food, meanwhile, saw its attributable net income in the first quarter plunge by 72 percent to P108 million, from P383 million last year. The company ended the quarter with 669 stores.