AGI income grows 23% in first half

ALLIANCE Global Group Inc. (AGI), the holding firm of businessman Andrew L. Tan, said its income grew 23 percent during the first half of the year ending June to P12.4 billion, from last year’s P10.2 billion.

Revenues, meanwhile, grew at a slower pace of 9 percent to P73.2 billion from last year’s P66.8 billion.

“All of the group’s major subsidiaries delivered strong top-line and bottom-line results, reflecting the improving outlook in their respective business segments,” said Kevin L. Tan, the company’s CEO.

“We have consistently grown our reliable sources of income and have improved our operating leverage. All of these should support us as we navigate the challenging economic environment moving forward.”

Property developer Megaworld Corp. reported a 13-percent growth in attributable net income to P7.3 billion in the first half from P6.4 billion last year.

Liquor maker Emperador Inc. grew 18 percent in attributable net income to P3.3 billion in the first half from P2.7 billion last year, mainly from international sales as a result of its previous acquisitions of famous Scot whiskey brands under Whyte and Mackay.

Gambling arm Travellers International Hotel Group Inc., owner and operator of Resorts World Manila, said income recovered to P1.7 billion for the period from P375 million last year.

Gross revenues of P11.1 billion for the period were still down from last year’s P11.22 billion.

Gaming revenues went down 3 percent to P4.5 billion during the period on a slightly lower blended hold rate of 5.3 percent.

The VIP segment started to recover with drops and gross gaming revenue already improving on a quarterly basis, the company said.

The launch of a portion of the Grand Wing is expected to further buoy the premium gaming business at Resorts World.

Nongaming revenues went up 4 percent to P2 billion, with average hotel-occupancy rates at 80 percent.

The completion of its Phase 3 expansion is expected to result in 940 more hotel rooms, a high-end retail space and an expanded gaming capacity, it said.

Golden Arches Development Corp., which holds the exclusive franchise of McDonald’s fast-food chain in the Philippines, said its profit was up by 26 percent to P741 million from last year’s P595 million.  Sales revenues rose 11 percent to P13.5 billion, from P12.2 billion last year, as same-store sales growth reached 5.7 percent. Its store count ended at 585 by end-June, compared to 566 stores in 2017. Despite rising cost pressures, the company also maintained its efficiencies, keeping its gross profit margin at 23 percent, while net margin rose to 5.5 percent, the company said.

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