Weak gaming operations dim Alliance Global Group’s profit
Alliance Global Group Inc. (AGI) saw its first quarter net income slightly decline to P3.5 billion, weighed down by losses from its gaming business, higher interest charges and foreign exchange losses.
Gaming unit Travellers International Hotel Group (TIHG), operator of Resorts World Manila, continued to weigh down AGI’s profitability.
TIHG, a joint venture with Malaysian conglomerate Genting Group, reported a 35.2 percent drop in profit to P444 million as revenues fell 15 percent to P4.5 billion due to lower gaming gaming capacity and lower property visitation.
Revenues of AGI, meanwhile, rose five percent to P35.3 billion on ateady growth in its real estate and fastfood businesses.
Property arm Megaworld Corp. .grew its net income by 11 percent to P3.2 blilion on robust rental revenues while Golden Arches Development Corp., the exclusive Philippine franchise holder of global fastfood giant McDonald’s, reported a solid quarter with earnings growing 23 percent to P329 million.