By Leslie D. Venzon
MANILA, Aug. 14 (PNA) — Conglomerate Alliance Global Group, Inc. (AGI) booked a five-percent profit increase in the first semester driven by the real estate and liquor businesses.
AGI reported to the Philippine Stock Exchange its net income reached Php11.5 billion in January to June from Php10.95 billion last year.
Consolidated revenues surged 11 percent to Php65.4 billion from Php58.92 billion.
“Our group’s sustained profitability continues to be underpinned by AGI’s subsidiaries as they all consistently show visible earnings. All the consumer-centric companies that are majority-owned by AGI exhibited profitability in the first half of this year,” said Kingson U. Sian, AGI’s president and chief operating officer.
Megaworld Corporation posted a 12.5-percent increase in recurring earnings, amounting to Php5.4 billion from Php4.82 billion.
Township developer Megaworld is the fastest growing landlord this year, particularly in terms of rental income, which is projected to grow by 27 percent to Php9 billion on the back of the office and commercial segments.
Profit of liquor firm Emperador Inc. rose seven percent to Php3.3 billion from Php3.08 billion.
Travellers Hotel International Group Inc., owner and operator of Resorts World Manila (RWM), posted a 15.08-percent decline in net income to Php2.4 billion due to the impact of foreign exchange fluctuation.
Travellers continues to expand RWM where the Marriott Grand Ballroom – the largest ballroom in the country– just opened last April.
Profit of Golden Arches Development Corp. (GADC) reached Php324 million in the first semester from Php322 million last year.
GADC holds the exclusive right to operate restaurants in the Philippines under the “McDonald’s” brand. (PNA)