Conglomerates Alliance Global Group Inc. and Filinvest Development Corp. posted mixed results in the first nine months of the year, their respective financial reports filed with the Philippine Stock Exchange show Friday.
Alliance Global, which is into real estate, liquor, gaming and quick service restaurant, said net income attributable to parent equity holder fell 7.3 percent to P10.6 billion from P11.43 billion yer-on-year.
Filinvest Development posted a 32-percent increase in nine-month net income to P4.9 billion, after realizing revenues from the power business.
The conglomerate said in a disclosure to the stock exchange while robust sales were seen across all subsidiaries, the power business under FDC Utilities Inc. registered sales from its independent power producer administrator contracts on the 40-megawatt United Leyte Geothermal Power Plant and the 100-MW Apo Geothermal Power Plant.
Filinvest Development expects its power subsidiary to be a significant contributor to the group’s financial results once the 405-MW coal power plant in Misamis Oriental is completed by 2016.
Alliance Global’s nine-month operating revenues, meanwhile, increased 11 percent to P99.58 billion from P89.52 billion on year.
Alliance Global said revenues from sale of goods, including real estate, alcoholic beverages and snack products, rose 28 percent following the 47-percent increase in sales of consumer goods and an 11.8-percent rise in real estate sales.
Sales from services, such as gaming, hotel, quick-service restaurants, rentals and cinemas remained flat despite record-high rental income due to challenges faced by the gaming operations.
“The group’s financial performance continues to be compelling despite challenges faced by the gaming industry. We are strengthening the building blocks of sustained profitability and shareholder value in the long term,” Alliance Global president and chief operating officer Kingson Sian said.
The conglomerate still expects all the business segments to increase revenues and bring positive profits.
Alliance Global said property unit Megaworld Corp. was aggressively building more townships and already reached the target of 20 this year.
Meanwhile, the group’s gaming unit Traveller International Hotel Group Inc. remains profitable. It is currently engaged in projects and developments that will offer broader entertainment facilities to patrons