Without this nonrecurring item, Alliance Global’s net income rose by 14 percent to P7.5 billion.
MANILA, Philippines — Alliance Global Group Inc. (AGI) reported a 66-percent surge in its first-quarter earnings. This reached P11 billion due to a one-time gain from the deconsolidation of a subsidiary.
Golden Arches Development Corp. (GADC), in which AGI holds a 49-percent interest, is the local holder of the McDonald’s franchise.
After securing a new license to operate the Philippine stores of the global fast-food giant, GADC was treated as an associate of AGI. Its financial statements were separated from the conglomerate’s.
Without this nonrecurring item, AGI’s net income rose by 14 percent to P7.5 billion. This was on gains from developer Megaworld Corp. Revenues rose by 3 percent to P52 billion.
Megaworld had a 16-percent jump in its net income during the period. This registered at P5.1 billion on sustained growth across its business units.
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Consolidated revenues reached P20.9 billion, representing an 11-percent uptick.
Real estate sales grew by 8 percent to P13.1 billion. This was on the back of gains from Megaworld’s projects outside Metro Manila.
Meanwhile, Emperador Inc. contributed P13.2 billion to the group’s overall top line. It was nearly flat from P13.1 billion a year ago.
The increase was driven by a 10-percent increase in brandy revenues, with Spanish brandy Fundador lifting domestic sales. Its net income reached P1.85 billion, up by 7 percent.
Newport World Resorts operator Travellers International Hotel Group Inc. grew its revenues by 5 percent to P9.7 billion as its VIP segment recovered.