Quezon City–(PHStocks)–The Andrew Tan-led Alliance Global Group Inc. (PSE: AGI) reported strong first quarter 2012 results with core net income growing to PhP4.15 billion from P2.85 billion in same period of 2011. Revenues grew to PhP24.35 billion from PhP13.67 billion in the first quarter of 2011 with the consolidation of Travellers International Hotel Group, Inc. this year.
“Our first quarter results reflect continued solid performance, with revenues up 78 percent, and core net income up 46 percent this year. We expect that the strong growth of our Emperador business will contribute significantly to our group’s earnings,” said AGI President Kingson Sian. Core net income attributable to owners of AGI amounted to PhP2.96 billion, up 34 percent from PhP2.21 billion in the same period last year.
AGI’s total cash and cash resources at the end of the period amounted to PhP63.8 billion. The growth of the Company was led by real estate arm Megaworld Corporation, which contributed around 28 percent of total revenues.
Megaworld (PSE: MEG) reported total revenues of PhP7 billion in the first quarter of 2012 from PhP5.7 billion, up 22 percent year on year. Net income, on the other hand, amounted to PhP1.58 billion from PhP1.24 billion, a strong 27 percent growth year on year.
Megaworld’s performance was backed by strong sales from its residential projects in Newport City, McKinley West, McKinley Hill and Eastwood City as well as strong leasing income from its BPO and retail portfolio.
Revenues and profits from the rest of AGI’s portfolio of businesses also grew in line with targets. Apart from real estate, AGI has interests in industries such as food and beverage, quick service restaurants and integrated tourism estates.
Food and beverage arm Emperador Distillers, Inc. produces Emperador, Generoso and Emperador Light brandies and a line of flavored alcoholic beverages called The Bar. The Company recently launched two new product variants of The Bar, which are The Bar Citrus Tequila and The Bar Silver Vodka.
Golden Arches Development Corporation operates the quick service restaurant business under the McDonald’s brand.
Travellers International, meanwhile, along with its partner Genting Hong Kong, operates Resorts World Manila, the first integrated tourism estate in the country. Resorts World Manila is located in Newport City, set across from Terminal 3 of the Ninoy Aquino International Airport in Pasay City.