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Andrew Tan conglomerate hikes profits by 33%

Saturday, May 23, 2009 | MANILA, PHILIPPINES [ BusinessWorld Online ]

Profits of listed Alliance Global Group, Inc. of Andrew L. Tan went up by a third in the first quarter, a slower growth compared to the more than 50% increase in the same period last year.

In a statement Friday, Alliance Global said net income jumped by 33% to P1.97 billion from January to March, while revenues went up by 6% to P8.86 billion during the first three months of the year.

Alliance Global said its real estate unit accounted for 50% to the company’s revenues. The net income of Megaworld Corp. was flat at P1.02 billion last quarter, even if revenues declined by 5% to P4.45 billion from January to March.

Revenues from food and beverage businesses Emperador Distillers, Inc. and McDonald’s chain operator Golden Arches Development Corp. meanwhile went up by 6% to P3.63 billion last year. The company did not disclose the net income.

"The company, recognizing the resilience of the country, will continue to explore investments in key, high-growth industries in the country, particularly in the tourism sector," Alliance Global President Kingson Sian said.

Alliance Global, through subsidiary Travellers International Hotel Group Inc., last year entered into joint venture with Star Cruises Ltd. to build a "tourism city" dubbed Newport City across Terminal 3 of the Ninoy Aquino International Airport.

Star Cruise is part of Malaysian conglomerate Genting Berhad and is the world’s third largest cruise line operator.

Alliance Global will invest almost $500 million to construct Newport City, which will host the all-suite Maxims Hotel, the five-star Marriott Hotel, and a budget hotel called Remington Hotel. The hotels, which will have a total capacity of 1,540 rooms, are expected to be completed this year.

Travellers will also build Bayshore City in the Manila Bay area, hosting hotels, an entertainment complex, museums and restaurants.

Share in Alliance Global went up by 1.81% or five centavos to P2.80 per share on Friday.


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