Alliance Global Group Inc., the holding company of tycoon Andrew Tan, said Monday net income in the first half went down 8 percent to P6.7 billion from P7.3 billion recorded in the same period last year, on weak performance of its liquor and integrated resorts development.
AGI said in a disclosure to the stock exchange first-half revenues slightly rose to P66.8 billion. The conglomerate said its units had mixed performance in January to June, with property arm and quick service restaurants delivering very strong results while integrated resorts operations and liquor business registering weak figures.
AGI president Kingson Sian said despite the company’s first-half performance, he remained positive about the prospects of its various business units.
“We remain confident of our growth prospects, recognizing the various opportunities that continue to present themselves in the economy,” Sian said.
“As such, we are steadfast in our investment commitments across all our business segments, maintaining our capex [capital expenditure] budget of about P80 billion for the year. We strongly believe in spending for our future,” he said.
Travellers International Hotel Group Inc., the owner and operator of Resorts World Manila, said net income stood at P373 million in the first half. The company did not provide comparative figures but based on previous filing with the Philippine Stock Exchange, RWM reported a net income P1.8 billion in the first half of 2016.
RWM’s casino was non-operational for 27 days as a result of a one-man attack on the facility on June 2. Gross gaming revenues were capped at P9.2 billion. Improved hotel operations helped grow its non-gaming revenues by 4 percent to P2 billion, allowing gross revenues to reach P11.2 billion, slightly down from a year ago level of P11.8 billion.
Liquor firm Emperador Inc. posted a net income of P2.7 billion in the first semester, down 20.5 percent from a year earlier, as the company spent heavily in strategic marketing of new products, both in the domestic and international markets.
Emperador’s gross revenues were flat at P17.8 billion, with its brandy business contributing 72 percent of the total, while its Scotch whisky segment accounted for the balance of 28 percent.
Property unit Megaworld Corp. sustained a robust 11 percent year-on-year growth in net income to P6.7 billion, as consolidated revenues reached P24.3 billion.
Golden Arches Development Corp., which holds the exclusive franchise to operate restaurants in the Philippines under the McDonald’s brand, extended its stellar performance with net income growing 20 percent to P595 million on sales revenues of P12.2 billion.