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Bacolod City, Philippines Wednesday, May 16, 2018
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AGI nets P3.5 billion

 

Alliance Global Group Inc. registered consolidated revenues of P35.3 billion in the first quarter of 2018, growing 5 percent from its year ago level of P33.7 billion, its press release said.

All of the group’s major subsidiaries delivered a good topline performance, led by its real estate arm Megaworld Corp., liquor subsidiary Emperador Inc., and quick service restaurants business under the Golden Arches Development Corp. Even its gaming and leisure operations, under Travellers International Hotel Group Inc., sustained its quarterly recovery in gaming revenues.

Higher interest charges and unrealized forex losses, however, capped the growth in the Group’s profits, bringing consolidated net income up by only 1 percent year-on-year to P5.4 billion. Net income to owners stood at P3.5 billion, down 2 percent from P3.6 billion a year before.

“Our operating performance in the first quarter 2018 remained stable, attributed to the hefty investments we continue to pour into our various businesses as part of our long-term growth strategy,” AGI president Kingson Sian said in the press release.

Megaworld reported attributable net income of P3.2 billion in the first quarter, rising by 11 percent year ‐ on ‐ year. Consolidated revenues grew 9 percent to P13.1 billion, helped by a steep 17 percent growth in rental income to P3.4 billion, and a 6 percent improvement in residential revenues to P8.8 billion.

Higher margin rentals from its office buildings and lifestyle malls now account for 26 percent of total revenues, from 24 percent a year before, further lifting group EBITDA margins to 36 percent from 35.5 percent a year before. The residential segment, which benefitted from healthy project completion, recorded a 23 percent growth in realized gross profit to P3.6 billion, the press release added.*

 

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