By Jenniffer B. Austria | Posted on Nov. 14, 2012 at 12:01am |
[ manilastandardtoday.com ]
Alliance Global Group Inc., the conglomerate led by tycoon Andrew Tan, said core net income rose 33 percent to P6.75 billion in the first nine months from a year ago, boosted by strong earnings of real estate unit Megaworld Corp.
AGI said in a disclosure to the stock exchange consolidated revenues grew 70 percent to P78.1 billion from P46 billion during the period, following the consolidation of Travellers International Hotel Group Inc. into the group this year.
The conglomerate said including minority interests, nine-month core net income jumped 48 percent to P13.5 billion from P9.1 billion in 2011.
“We expect our consumer product business and tourism-related real estate business to continue their growth momentum over the next year,” said AGI chief finance officer Dina Inting.
Megaworld contributed 39 percent to AGI’s net income and about 30 percent to its total revenue. Megaworld’s revenues improved 4 percent to P23.85 billion from P22.96 billion.
The property firm’s core net income, on the other hand, rose 20 percent to P5.7 billion from P4.8 billion, supported by strong sales from residential projects in Newport City, McKinley West, McKinley Hill and Eastwood City as well as strong leasing income from its BPO and retail portfolio.
Megaworld, one of the leading developers of office developments, plans to have 500,000 square meters of office space by end-2012.