ANDREW L. TAN-LED holding company Alliance Global Group, Inc. (AGI) said its second-quarter (Q2) attributable net income declined by 0.04% to P4.569 billion from P4.567 billion a year ago.
Revenue for the second quarter rose by 16.5% to P56.85 billion from P48.81 billion in 2023, AGI said in a stock exchange disclosure late Wednesday.
“Higher interest cost and foreign currency losses constricted profits during the period,” AGI said.
For the first half, AGI recorded a 5% decline in its attributable net profit to P8.79 billion from P9.25 billion last year.
First-half consolidated revenue surged by 8.4% to P107.5 billion from P99.1 billion a year ago.
“The Alliance Global Group mustered a strong recovery in the second quarter of the year despite the generally sluggish global economy, as well as the challenges brought about by elevated inflation, interest rates, and an unstable currency,” AGI President and Chief Executive Officer Kevin Andrew L. Tan said.
“Our performance mirrored the underlying strength of our brands and all our businesses as the Group continued to invest in future capacity expansions and execute our strategies as planned. We also focused on implementing enhancements and innovations of our aspirational products and services to address changes in market preferences,” he added.
On the real estate business, Megaworld Corp. posted a 9% increase in its first-half attributable net income to P8.6 billion from P7.9 billion last year.
First-half revenue rose by 22% to P39.1 billion, driven by the accelerated improvement in residential project completion. Real estate sales increased by 30% to P24.8 billion.
On the liquor business, Emperador, Inc. recorded a 19.2% drop in its first-half attributable net profit to P3.8 billion from P4.7 billion last year. Revenue shrank by 8% to P28.6 billion.
Sales in the second quarter were driven by the recovery in demand for both its brandy and whisky products, particularly in the Asia Pacific region, Latin America, and travel retail.
On the leisure and tourism business, Travellers International Hotel Group, Inc. said its second-quarter attributable income rose by 38-fold to P423 million compared with the previous quarter. Second-quarter gross revenues increased by 17% quarter-on-quarter to P10.9 billion.
In the first half, attributable net income of Travellers International stood at P434 million on gross revenues of P20.1 billion.
Golden Arches Development Corp. saw an 11% increase in its first-half attributable net income to P1.1 billion as total revenue increased by 14% to P23 billion, led by ongoing product enhancements and promotions.
As of end-June, Golden Arches has 755 McDonald’s Philippines stores nationwide.
“We believe that we are in the best position to take advantage of emerging opportunities as the economy continues to recover,” Mr. Tan said.
On Wednesday, AGI shares rose by 0.34% or three centavos to P8.85 per share. — Revin Mikhael D. Ochave
