Alliance Global Group Inc., the holding company of businessman Andrew Tan, said Thursday first-quarter net income declined 13 percent to P2.6 billion from P3 billion in the same period last year as core businesses were slow to recover from the impact of the pandemic.
AGI said in a disclosure to the stock exchange first-quarter consolidated revenues also dropped 16 percent to P31.8 billion from last year’s P38 billion.
The group said that while the liquor business displayed strong performance in the first quarter, this was offset by the continued weakness of real estate, gaming and quick service restaurant businesses.
“During the first two months of the year, most of our businesses have already rebounded, sustaining the momentum achieved during the holiday season. However, the momentum has been halted temporarily due to new restrictions imposed as a result of surges in new cases at the end of March,” said AGI chief executive Kevin Tan.