TAN-LED Alliance Global Group, Inc. (AGI) finished the first quarter with P2.6 billion in net income to owners, a 13% decline from P3 billion in the same period last year after renewed pandemic restrictions hit its businesses.

“During the first two months of the year, most of our businesses have already rebounded, sustaining the momentum achieved during the holiday season,” Kevin Andrew L. Tan, chief executive officer of AGI, said in a statement on Thursday.

“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,” Mr. Tan added.

The listed conglomerate said its net profit slid 20% to P3.2 billion from last year’s P4 billion, while consolidated revenues decreased by 16% to P31.8 billion from P38 billion.

“Thankfully, our international liquor operations continued to deliver strong results, supported by the reopening of the various economies across the globe and the improving traction of its brands in the international market,” Mr. Tan said.

Spirits manufacturer Emperador, Inc.’s net attributable profit soared by 43% to P2.1 billion in the first quarter from P1.46 billion in the same period last year. Its topline climbed 13% to P12.1 billion, which is “among its best performance to-date” driven by global sales.

“Note that Emperador’s diversified whisky and brandy portfolio continues to gain strong international presence — particularly in the Americas, United Kingdom and the rest of Europe, as well as Asia, particularly in China,” Alliance Global said.

Meanwhile, the net attributable profit of property firm Megaworld Corp. declined by 33% to P2.36 billion from P3.51 billion year on year. Without disclosing comparative figures, the company said it is a four percent improvement compared with the previous quarter.

Megaworld’s topline also fell by 33% to P10.11 million from P15.08 million. Real estate sales amounted to P5.9 billion amid higher project completion, reservation sales totaled P20.7 billion, and it finished the quarter with P3.1 billion in rental income.

Resorts World Manila owner and operator Travellers International Hotel Group, Inc. incurred a P1.1-billion net loss during the period, inching up last year’s P1-billion loss. Gross revenues went down by 24% to P5.2 billion year on year, but AGI noted that it is 13% higher from the previous quarter.

The gaming segment of Travellers International generated P4.6 billion in gross revenues for the three-month period, while non-gaming revenues amounted to P633 million. Meanwhile, its hotel operations saw improved occupancy rates to 65%.

The net attributable income of McDonald’s Philippines operator Golden Arches Development Corp. (GADC) declined by 32% in the first quarter to P73 million from P108 million a year ago. The company said without disclosing figures that its EBITDA (earnings before income, taxes, depreciation, and amortization) improved by 30% year on year.

GADC is a long-term partnership between AGI and the George Yang Group, holding the exclusive franchise to operate McDonald’s stores in the Philippines.

It closed the quarter with 655 stores under its belt, down from 669 stores a year ago after closing down 30 branches last year due to expired leases and concerns surrounding financial sustainability. This was offset by the launch of 16 new stores despite the pandemic.

Alliance Global said the pandemic taught the group “to be relentlessly creative and innovative in executing and modifying some of [their] strategies” for recovery.

“We are very optimistic for the next three quarters as we look forward to an accelerated vaccine rollout that would allow business activities to pick up,” Mr. Tan said.

Alliance Global Group saw its stocks drop by 0.38% at the local bourse on Thursday, closing at P10.40 apiece from P10.44. — Keren Concepcion G. Valmonte