AGI shows strong growth, books P12B nine-month profit
Andrew Tan?s listed holding company Alliance Global Group Inc. (AGI) delivered solid results in the first three quarters with net earnings rising 18 percent to P12.1 billion on the back of a 12 percent growth in revenues.
AGI attributed the strong growth to higher contributions from its real estate (Megaworld Group), liquor (Emperador) and casino gaming (Travellers International Hotel Group).
?We are inspired by the group?s strong performance and we will continue to work very hard to deliver good results across all our business segments moving forward,? said AGI chief executive officer Kevin L. Tan.
Emperador, the world?s largest brandy company and owner of the fifth largest Scotch whisky manufacturer in the world, grew its net earnings by 16 percent to P5.1 billion as revenues increased by 11 percent to P30.5 billion.
Resorts World Manila operator Travellers International swang to profitability with a net income of P1.8 billion. Gross gaming revenues rose seven percent to P13.8 billion driven by the VIP segment.
Golden Arches Development Corp., which holds the exclusive franchise of McDonald?s in the Philippines, reported net income of P991 million, up by only three percent. It ended the third quarter with a total store network of 603, mostly located outside Metro Manila.