AGI recovers in Q3, posts P2.2-B income

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Credit: Read the original article from Manila Times.

Listed Alliance Global Group Inc. (AGI) saw its third-quarter profit surge by 14 percent to P2.2 billion from P156 million in the second quarter as its nine-month net income dropped by 67 percent to P6.4 billion from P19.3 billion year-on-year.

In a disclosure on Friday, the Andrew Tan-led holding company said its consolidated revenues improved by 30 percent to P30.4 billion in the quarter on loosened quarantine restrictions, but tumbled by 28 percent to P91.8 billion in January to September from the year-earlier P127 billion.

“We are very encouraged by the sharp improvement in earnings across all our business segments during the third quarter as the economy gets a reboot with the further easing of the quarantine restrictions,” AGI Chief Executive Officer Kevin Tan said in the disclosure.

“Our interim performance also validated the soundness of our diversification strategy, as evidenced by the strong results delivered by our international liquor operations, even [amid the coronavirus] pandemic,” he added

Property arm Megaworld Corp.’s net income stood at P7.4 billion in the first nine months of the year, down 42 percent from P12.8 billion in the same period in 2019, while consolidated revenues tumbled by 31 percent to P33.3 billion year-on-year.

Brandy unit Emperador Inc.’s profit grew by 11 percent to P5.9 billion in January to September as its revenues inched up by 2 percent to P34.5 billion. Quarter-on-quarter, the liquor company’s income jumped by 36 percent to P2.5 billion, while consolidated revenues grew by 19 percent to P12.9 billion.

“The group’s international brands…continued to make headways in the international market during the period. The domestic market has also experienced robust liquor sales, amid pent-up demand following the community quarantines,” AGI said in the disclosure.

Resorts World Manila operator Travellers International Hotel Group Inc. incurred a P5.4-billion loss in the first nine months. Gross revenues contracted by 55 percent to P11.5 billion year-on-year while gross gaming revenues fell to P9.3 billion. Nongaming revenues dived by 53 percent to P2.2 billion.

Golden Arches Development Corp., which operates the McDonald’s fast food chain in the country, also posted a net loss of P967 million in the first three quarters. Its sales revenues declined by 39 percent to P14.2 billion as system-wide sales settled at P24.2 billion due to the lockdowns imposed in the second quarter.

AGI shares climbed by 17 centavos or 1.94 percent to finish at P8.92 each on Friday.

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