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Alliance Global posts 44% profit hike for 2010

Posted on April 18, 2011 09:38:09 PM [ BusinessWorld Online ]
ALLIANCE GLOBAL Group, Inc. topped profit growth targets for 2010 after recording a 44% increase on the back of improved performance of its real estate business, a disclosure filed yesterday with the local bourse showed.
ALLIANCE GLOBAL Group, Inc. said it posted a 44% profit hike last year on the back of sales enjoyed by its McKinley development.
Property projects, particularly those geared towards tourism, should drive growth again this year, the company said.
So far, net income attributable to shareholders climbed to P6.9 billion last year from P4.79 billion, the conglomerate of property tycoon Andrew L . Tan said.
The figure exceeds the targeted 38% increase in profits to P6.62 billion for 2010.
“[And] Alliance Global raised its consolidated net income by 40% to P9.5 billion in 2010 [on the back of ] consolidated revenues of P44.5 billion in 2009,” the conglomerate said.
This, as consolidated revenues grew by 15% last year with property unit Megaworld Corp. accounting for roughly half of the haul.
The hike was attributed to “increased sales of urban residential projects including McKinley Hill, Newport City and Manhattan Garden City and higher lease income from its business process outsourcing office projects,” Alliance Global said.
Alliance Global has yet to release its full-year financial report to the public.
Moving forward, the conglomerate said it expects continued growth among all its subsidiaries.
Alliance Global Group holds the local McDonald’s fastfood franchise through its unit Golden Arches Development Corp. and owns Emperador Distillers, Inc. that produces brandy labels Emperador, Generoso and The Bar.
“We believe that all our business units will continue to sustain their strong growth momentum in 2011,” Mr. Tan, chairman of Alliance Global, said.
“We are ready to fast-track our real estate developments and capture new growth opportunities in the tourism sector, especially with our investment in Global-Estate Resorts, Inc.,” he added, referring to a recently acquired property unit.
Alliance Global had completed in January its P5-billion acquisition of a majority stake in SobrepeƱa-led Fil-Estate Land, Inc., which is now Global-Estates.
“Both real estate development and integrated tourism will be our main drivers of long-term value creation that is sure to benefit our shareholders,” Mr. Tan said.
Global-Estates owns more than 1,000 hectares of tourism-oriented properties in prime tourist spots such as Tagaytay in Cavite, Nasugbu in Batangas, and Boracay in Aklan.
Early this month, Alliance Global raised P9.73 billion through treasury and secondary shares to bankroll the tourism business.
The conglomerate had also said it wanted to develop the 54-hectare old Iloilo airport and a 25-hectare property in Mactan, Cebu, both in the Visayas.
These will complement the eight-hectare Resorts World Manila entertainment and casino complex in Pasay, the first integrated tourism development of Alliance Global through its 50% stake in Travellers International Hotel Group, Inc.
The project is composed of the country’s largest casino, the five-star Marriott Hotel, and the six-star Maxims Hotel.
Resorts World Manila earned $71.2 million for its owners on its first full year of operations in 2010 versus just $100,000 the previous year, according to earlier reports.
Shares in Alliance Global, which has a market value of P116.46 billion, rose by two centavos to close at P11.36 each yesterday. -- Neil Jerome C. Morales
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