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Alliance Global doubles profit

[ BusinessWorld Online ]
August 16, 2011

Andrew Tan-led Alliance Global Group Inc. (AGI) said profit for the first half of the year reached P9.65 billion, nearly double last year’s P4.83 billion.

Consolidated revenues reached P33.59 billion compared with P21.26 billion last year.

The company said income attributable to owners of AGI amounted to P8.06 billion, more than double the P3.69 billion reported last year.

"We are pleased to announce our best half-year results ever, with revenues up 58 percent and profit up a hundred percent," said Dina Inting, chief financial officer. Alliance Global said the growth includes a non-recurring gain of P3.35 billion from the acquisition of a subsidiary during the period.

"The recurring portion alone translates into a year-on-year profit growth of 31 percent," the company said.

The company’s total cash and cash resources stood at P65 billion.

Real estate arm Megaworld Corp. contributed 41 percent of total revenues, the biggest in the company’s units.

Megaworld reported a profit of P5.16 billion, a strong 131 percent growth year on year, including a non-recurring gain of P2 billion from the sale of AGI shares of stock.

Net of the one-time gain, profit is up 41 percent year on year.

Total revenues reached P15.75 billion, up 70 percent from last year.

Megaworld’s performance was backed by strong sales from its residential projects in Newport City, McKinley West and McKinley Hill, as well as strong leasing income from its BPO and retail portfolio.

Revenues and profits from the rest of AGI’s portfolio of businesses also grew in line with targets. Apart from real estate, AGI has interests in industries such as food and beverage, quick-service restaurants and integrated tourism estates.

Food and beverage arm Emperador Distillers produces Emperador, Generoso and Emperador Light brandies and a line of flavored alcoholic beverages called The Bar.

Golden Arches Development Corp. operates the quick service restaurant business under the McDonald’s brand.

Travellers International Hotel Group Inc., meanwhile, along with its partner Genting Hong Kong, operates Resorts World Manila, the first integrated tourism estate in the country.

"Despite the strong revenue and profit numbers of the first half of the year, we continue to remain focused on delivering the goals that we have set for ourselves a few years ago. AGI has a proven track record of creating value over time and is confident in its ability to deliver sustainable profitable growth and value for its shareholders," said Inting.

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