Alliance Global net income drops to P10.1 billion in 1st half of 2017
MANILA, Philippines – Alliance Global Incorporated, tycoon Andrew Tan's holding firm, saw its net income drop in the 1st half of 2017 following the attack on Resorts World Manila.
In a disclosure to the Philippine Stock Exchange (PSE) on Monday, August 14, Alliance Global reported a net income of P10.1 billion for the January to June period this year, compared to P11.3 billion in the same period in 2016.
The firm's consolidated revenues hit P66.8 billion while net income to owners stood at P6.7 billion in the 1st half of 2017, reflecting a decline of 8% from its year ago level of P7.3 billion.
Alliance Global's property and fast food units did well in tempering the slower performance of its integrated resort operations and liquor business.
Its casino business under Travellers International Hotel Group Incorporated suffered a net loss of P312.09 million in the 2nd quarter of 2017. The Resorts World Manila casino had been non-operational for 27 days due to the deadly attack on June 2, which led to gross gaming revenues falling to P9.2 billion in the 1st half of 2017.
Improved hotel operations helped grow its non-gaming revenues in the 1st half of 2017 by 3.9% to about P2 billion, allowing gross revenues to reach P11.2 billion.
Alliance Global's property arm Megaworld Corporation, meanwhile, recorded 11% year-on-year growth in net income to P6.7 billion throughout the 1st half on consolidated revenues of P24.3 billion.
Liquor arm Emperador Incorporated posted a net income of P2.7 billion on revenues of P18.1 billion.
Fast food arm Golden Arches Development Corporation (GADC), which holds the exclusive franchise of McDonald's in the Philippines, saw its net income grow by 20% to P595 million on sales revenues of P12.2 billion. – Rappler.com