Alliance Global Group, Inc. (AGI), the holding company of tycoon Andrew Tan, reported a 55 percent drop in attributable net income to P5.8 billion in the first nine months of 2020 from P12.8-billion in the same period last year.
In a disclosure to the Philippine Stock Exchange the firm said nine-month consolidated revenues fell 28 percent to P91.8 billion from last year’s P127.0 billion.
However, AGI said it chalked up a 14-fold improvement in third quarter net profit to P2.2 billion from only P156 million in the second quarter of 2020.
This was achieved as consolidated revenues expanded by 30 percent quarter-on-quarter (QoQ) to P30.4 billion, helped by the gradual easing of community quarantines throughout the country and the further reopening of the economy.
“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,” said AGI’s Chief Executive Officer Kevin L. Tan.
He added that, “Our interim performance also validated the soundness of our diversification strategy as evidenced by the strong results delivered by our international liquor operations even amidst the global pandemic.”
“We are optimistic that we can maintain this sequential improvement following the trajectory of the economy which we expect to slowly improve. Meanwhile, we continue to help rebuild consumer confidence by assuring our stakeholders of the safe live, work and play environment in our townships,”
said Tan.
Urban developer Megaworld registered a 9 percent QoQ growth in consolidated revenues in the third quarter, bringing its net profit up 6 percent to P2.0 billion for the same period.
For the nine-month period, Megaworld net profit stood at P7.4 billion, about 42 percent lower from P12.8 billion a year before. Consolidated revenues went down 31 percent to P33.3billion over the same period.
Emperador saw its third quarter profit surge 36 percent QoQ to P2.5 billion as consolidated revenues grew 19 percent QoQ to P12.9 billion.
For the nine-month period, Emperador’s net profit jumped 11 percent year-on-year to P5.9-billion as consolidated revenues improved by 2 percent to P34.5 billion.
Travellers International, the owner and operator of Resorts World Manila (RWM), registered a four-fold QoQ increase in total gross revenues to P3.7 billion in the third quarter. Attributable net loss during the quarter stood at P1.7 billion from a loss of P59 million the year before.
For the first nine months of the year, Travellers reported a net loss of P5.4 billion, reversing last year’s net income of P786 million. Total gross revenues reached P11.5 billion, down 55 percent year-on-year.
Golden Arches Development Corporation (GADC), popularly known as McDonald’s Philippines, also got a boost from the reopening of the economy, bringing its third quarter sales revenues higher by 52 percent QoQ to P4.5 billion.
The company also managed to pare down its net loss during the quarter to P257 million, a reversal from its net income of P418 million the year before.
For the first three quarters of the year, GADC registered a net loss ofP967 million, from a net profit of P1.2 billion the year before. Sales revenues fell 39 percent year-on-year to P14.2 billion as system-wide sales hit P24.2 billion due to the heavy impact of the lockdown in the second quarter.