by Jenniffer B. Austria
[ manilastandardtoday.com ] May 18, 2011
Alliance Global Group Inc., the listed holding company of business tycoon Andrew Tan, said Tuesday consolidated net income in the first three months of the year jumped 179 percent to P6.19 billion year-on-year due mainly to a non-recurring gain of P3.35 billion.
Alliance Global booked the gain from the acquisition of a controlling interest in Global-Estate Resorts Inc., formerly Fil-Estate Land Inc., from the group of businessman Robert John Sobrepeña.
Without the non-recurring gain, Alliance Global’s first-quarter profit would have amounted to P2.85 billion, up 28 percent on year.
Alliance Global said in a disclosure to the stock exchange that consolidated revenues totaled P17 billion in the first three months of the year, up 62 percent from P10.5 billion a year ago, primarily due to higher sales of consumer products and real estate and income from the acquisition of Global-Estate Resorts.
Alliance Global acquired 61 percent of Global-Estate in the first quarter of the year.
Alliance Global earlier said Global-Estate Resorts would become the company’s vehicle for tourism projects outside of Metro Manila. Global-Estate owns large tracts of property in prime locations such as in Tagaytay City, Batangas, Boracay and Iloilo.
Alliance Global obtained real estate revenues from P3.5 billion in sales of residential and commercial lots, condominium and office units, and golf club and resort shares, P941 million from lease of office and commercial spaces and hotel operations and P794 million from realized gross profit on prior years’ sales.
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