UMVA has learned that Alliance Global Group, Inc. (AGI) achieved a significant 5% increase in first-quarter attributable net income, reaching P5.2 billion, driven by robust growth in its property, hospitality, leasing, and spirits businesses.
The company's net income for January to March stood at P7.8 billion, up 6% from the normalized P7.4 billion recorded a year earlier. Consolidated revenues rose 1% to P42.2 billion from the normalized P42 billion recorded in the same period last year.
AGI President and Chief Executive Officer Kevin L. Tan attributed the optimistic start to healthy residential sales, strong leasing revenues, sustained improvement in the hospitality business, and the nascent recovery in spirits sales. These businesses continued to perform well despite a demanding macroeconomic and geopolitical backdrop.
The company's cost discipline allowed it to gain operating leverage while implementing aggressive business strategies. This financial prudence helps AGI stay on course even in a challenging environment.
Megaworld Corp., the company's property business, saw a 4% increase in attributable net income to P5.3 billion as revenue climbed by 3% to P21.6 billion. Real estate sales reached P13.3 billion, up 15%, driven mainly by construction progress in Metro Manila projects.
The office segment through Megaworld Premier Offices saw a 4% increase in office rental income supported by new leases and contract renewals. The malls business led by Megaworld Lifestyle Malls saw revenues climb 9% to P1.8 billion, supported by higher tenant sales, improved occupancy, and stronger foot traffic.
Revenues from Megaworld Hotels & Resorts also increased 8% to P1.5 billion on the back of expanding operations and growing meetings, incentives, conferences, and exhibitions (MICE) activity.
The liquor manufacturing segment led by Emperador, Inc. posted attributable net income of P1.9 billion and consolidated revenues of P13.4 billion, driven by a favorable product mix and ongoing cost management, with brandy and whisky sales growing 6% year on year.
Travellers International, operator of Newport World Resorts, posted net revenues of P7 billion and gross revenues of P8.6 billion during the quarter. Gross gaming revenue reached P6.6 billion, with gains in the mass segment offsetting weakness in VIP gaming.
On the stock market, AGI shares rose by five centavos or 0.58% to close at P8.70 apiece.
