Alliance Global Group Inc., the investment holding company of billionaire Andrew Tan, said net income attributable to equity holders to parent company increased 17 percent to P7.9 billion in the first six months of 2018 from P6.9 billion year-on-year on the positive performance of core businesses.
Alliance Global said in a disclosure to the stock exchange consolidated revenues rose nine percent to P73.2 billion from a year ago level of P66.8 billion.
“All of the group’s major subsidiaries delivered strong topline and bottom line results, reflecting the improving outlook in their respective business segments,” Alliance Global chief executive Kevin Tan said.
“We have consistently grown our reliable sources of income and have improved our operating leverage. All of these should support us as we navigate the challenging economic environment moving forward,” Tan added.
Alliance Global has investments in real estate, liquor, quick service restaurant, infrastructure and gaming and leisure businesses.
The group’s property unit Megaworld Corp. reported a 13 percent growth in attributable net income to P7.3 billion in the first half of 2018 from P6.4 billion a year before, boosted by the sustained growth of the residential and rental businesses.
Liquor unit Emperador delivered an 18-percent growth in attributable net income to P3.3 billion in the first half of 2018 from P2.7 billion a year ago, driven by the strong performance of its international business.
The group’s gaming and leisure unit Travellers International Hotel Group Inc. displayed strong recovery, posting attributable net income of P1.7 billion in the first half of the year from P375 million recorded in the same period a year ago.
Travellers International, owner, and operator of Resorts World Manila, recorded an EBITDA of P1.6-billion on gross revenues of P11.1 billion in the first semester of the year.
Although volumes were steady year-on-year, gaming revenues slipped three percent to P4.5 billion during the period on slightly lower blended hold rate of 5.3 percent.