Alliance Global Group, Inc. (AGI), the holding company of tycoon Dr. Andrew L. Tan, has deconsolidated McDonald’s Philippines franchisee Golden Arches Development Corp (GADC) from its financial statements to generate a one-time gain of ₱3.4 billion from the remeasurement of the investment’s fair value.

GADC, where AGI retains its 49 percent interest, is now treated as an associate after securing a new license term from McDonald’s Corporation recently.

It was consolidated line-by-line up to March 16, 2025 and deconsolidated effective March 17, 2025, when AGI consequently accounted for its interest in GADC at equity method and took up ₱69.2 million share in GADC’s net profit from March 17 to March 31, 2025

Because of this, AGI started the year with a hefty 66 percent year-on-year increase in first quarter 2025 consolidated net income to ₱11.0 billion.

Netting out such gains, AGI still posted a robust 14 percent growth in normalized net income to ₱7.5 billion from year ago level of ₱6.6 billion. Normalized attributable net income also grew by 18 percent year-on-year to P5.0 billion.

While consolidated revenues amounted to ₱51.9 billion, an increase of three percent from its year ago level of ₱50.6 billion.

“AGI started the year with notably strong results in the first quarter even amidst domestic and global challenges mainly brought about by the ongoing US tariff issues,” said AGI President and CEO Kevin L. Tan.

He noted that, “Our topline was driven largely by healthy real estate sales, robust revenues from our tourism-related segments, and strong leasing income from both our premium offices and lifestyle malls.

“These businesses are primary beneficiaries of resilient consumer spending, matched by our attractive and experiential offerings.”

Tan added that, “More importantly, our first quarter performance also underscores the efficient cost management measures we continue to implement across all our business segments. Our prudent and disciplined business practices should give us more operating leverage and help us stay on course even with this challenging environment.”

In the first quarter of 2025, Megaworld Corporation recorded a 16 percent year-on-year improvement in attributable net income to ₱5.1 billion as sustained growth in all of its key business units brought consolidated revenue higher by 11 percent to ₱20.9 billion.

Emperador posted a seven percent year-on-year growth in net income to ₱1.85 billion after it registered consolidated revenues of ₱13.2 billion in the first three months of the year.

Travellers International Hotel Group Inc., the Group’s leisure and tourism arm and owner-operator of Newport World Resorts, recorded a sharp 42 percent year-on-year growth in earnings before interest, taxes, depreciation, and amortization (EBITDA) in the first quarter to ₱2.1 billion, underpinned by its intensified cost management efforts.

Gross revenue during the period stood at ₱9.7 billion, reflecting a five percent year-on-year growth as gross gaming revenue improved by six percent to ₱7.9 billion, coming on the back of a recovery in the VIP segment amid better hold rate.

Meanwhile, its non-gaming segment sustained its growth trajectory, expanding its revenues by another four percent year-on-year to ₱1.8 billion, driven mainly by the hectic domestic and international tourism which allowed for higher hotel occupancy rates and improved retail spending.

“Despite ongoing macro headwinds, we maintain our optimistic outlook for the balance of the year. We have laid out exciting plans across our various business segments, ready to take advantage of the resilient consumer spending and a resurgence in global economic activity. We look forward to sustaining our robust start and being able to finish strong,” said Tan.