Conglomerate Alliance Global Group Inc. expects its performance to return to pre-pandemic level next year, a top executive said over the weekend.
“Like most businesses, we are hopeful that our group can go back to our pre-pandemic performance by 2022 as we see increased vaccine rollout and as the economy benefits from the planned public spending on infrastructure projects,” AGI executive director Kevin Tan said in response to an e-mail inquiry.
Tan said the company’s core businesses were expected to exhibit a stronger performance with the further reopening of the economy.
“The recovery of a number of our businesses hinges on the improvement in consumer confidence amid a further easing of the mobility restrictions,” Tan said.
“We are thankful for our office segment and international liquor operations which have remained resilient, thereby providing the uplift for the group’s performance in the meantime,” he said.
The conglomerate led by businessman Andrew Tan is engaged in various businesses including real estate developments, liquor manufacturing, gaming, hotels and quick service restaurants.
The company earlier said it began recalibrating strategies to achieve a more balanced portfolio and in preparation for post-pandemic scenarios such as shift in market demands and changes in customer behavior and lifestyle.
AGI reported a 13-percent decline in net income in the first quarter to P2.6 billion from P3 billion posted a year ago as the global pandemic continued to impact businesses.
First-quarter consolidated revenues dropped 16 percent to P31.8 billion from last year’s P38 billion.
Meanwhile, Tan said the company was awaiting the approval from the National Economic and Development Authority-Investment Coordination Committee for the proposed Fort Bonifacio-Makati Skytrain.
The P3.6-billion unsolicited project is expected to serve 60,000 to 100,000 passengers. The two-kilometer train system would connect Uptown Bonifacio in Bonifacio Global City to the Metro Rail Transit 3’s Guadalupe Station in Makati and reduce travel time to five minutes.
AGI’s infrastructure unit InfraCorp. Development Inc. was granted the original proponent status by the government in 2018.