Casino logo (Photo credit: Wikipedia)Alliance Global Group Inc. (AGI), the listed holding firm of real estate tycoon Andrew Tan, jacked up its net income by 68 percent last year to a record P11.6 billion on robust growth of its property business.
In a financial report submitted to the Philippine Stock Exchange, AGI said revenues hit an all-time high of P66.1 billion or an increase of 48.5 percent from the year before.
AGI chief financial officer Dina Inting said the company booked a non-recurring gain of P3.1 billion from the acquisition of a subsidiary during the period. The recurring portion alone translated into a 22 percent year-on-year profit growth.
As of end-December 2011, AGI’s total cash and cash resources stood at P49 billion.
Property arm Megaworld Corp. chipped in P28.6 billion or 40 percent of AGI’s total revenues. The amount is 39 percent higher than the 2010 level.
As a result, Megaworld reported a 60 percent growth in net income to P8.15 billion, boosted by a non- recurring gain of P2 billion from the sale of AGI shares of stock. Without this, its profit is still up 21 percent year on year.
Megaworld’s performance was backed by strong sales from its residential projects in Newport City, McKinley West and McKinley Hill, Eastwood City as well as strong leasing income from its BPO and retail portfolio.
Revenues and profits from the food and beverage, quick services restaurants and integrated tourism businesses likewise grew in line with targets, AGI said.
Food and beverage arm Emperador Distillers produces Emperador, Generoso and Emperador Light brandies and a line of flavored alcoholic beverages called The Bar.
Golden Arches Development Corp. operates the quick service restaurant business under the McDonald’s brand while Travellers International Hotel Group, a joint venture with Genting Hong Kong, operates Resorts World Manila, the first integrated tourism estate in the country.
http://www.philstar.com/Article.aspx?publicationSubCategoryId=66&articleId=801327
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