ALLIANCE Global Group Inc. (AGI), the holding firm of businessman Andrew Tan, said on Thursday it posted lower income during the nine months of the year ending September as revenues fall.
The company said in its report to the Philippine Stock Exchange that it had a net income of P17.2 billion during the period, some 6 percent lower than last year’s P19.16 billion.
Stripping out the one-time gains, its profit was up 5 percent but its net income attributable to AGI shareholders was slightly down to P11.4 billion, from P11.5 billion last year.
“The group’s financial performance continues to be strong. We have a lot of confidence in our businesses, which are genuine game changers in their respective industries, and our long-term growth is underpinned by a consumption-led economic growth and a young consumer market,” said Kingson Sian, the company’s president and chief operating officer.
On the other hand, revenues were down by 4 percent to P89.5 billion, from last year’s P93.4 billion.
The company said its ownership was reduced in distiller Emperador Inc. and gambling arm Travellers International Hotel Group Inc. this year, when both units went public during the latter part of 2013.
Megaworld Corp., AGI’s top income contributor, reported a profit of P19.03 billion during the nine-month period, about triple than the previous year’s figures as a result of nonrecurring gain from the acquisition and sale of its subsidiary.
Emperador, the second-largest contributor, earlier reported P4.6 billion in net income on the back of higher margins and greater volume in the third quarter, while Travellers, the operator of Resorts World Manila and Bayshore City Resorts World, earned a net income of P4 billion this year, an increase of 12 percent from last year.
Golden Arches Development Corp. (GADC), which holds the master franchise to operate the McDonald’s fast-food brand, reached a net income of P406 million during the period on the back of a bigger network of 432 branches all over the country.
“We have always been very passionate about our businesses and we are very excited about the future prospects of Megaworld, Emperador, Travellers and GADC,” Sian said.
VG Cabuag