Alliance Global Group, Inc. (AGI), the flagship of tycoon Andrew Tan, registered a 67 percent drop in net profit to P4.1 billion in the first half of 2020 from P12.5 billion in the same period last year.
In a disclosure to the Philippine Stock Exchange, the firm said its attributable net income stood at P3.8 billion, down 53 percent from its year ago level of P8.1 billion.
Consolidated revenues fell 26 percent to P61.4 billion from last year’s P82.8 billion, as the conglomerate
faced the hurdles caused by the coronavirus pandemic that affected most of its businesses.
“The country’s strict two-month lockdown weighed heavily on most of our domestic operations. We take comfort from the fact that we have managed to diversify our sources of income, either by type of products or by geographic contribution, and this has helped us mitigate the impact of this pandemic on our group performance,” said AGI Chief Executive Officer Kevin L. Tan.
In the first half of 2020, Megaworld Corporation posted a 33 percent decline in attributable net income to P5.4 billion while Emperador recorded a 2 percent year-on-year improvement in attributable profit to P3.3 billion.
Meanwhile, the ongoing community quarantine, which put a temporary halt in casino gaming operations, has taken its toll on Travellers International Hotel Group, Inc.
The owner and operator of Resorts World Manila (RWM) recorded a net loss of P3.7 billion in the first half this year, a reversal from its P845 million net income the year before.
The community quarantine also significantly affected Golden Arches Development Corporation (GADC), popularly known as McDonald’s Philippines, which is a strategic partnership with the George Yang Group.
GADC posted a loss of P709 million in the first half this year as against a profit of P751 million the year before.
“This global health crisis has brought us new learnings. We have modified our product offerings and acquired new skills to adapt to the changes in consumer behavior. Likewise, our move to transform our operations under a digital strategy, an undertaking we have started only last year, has supported most of our businesses especially during the strictest period of the community quarantine,” reveals Tan.