MANILA, Philippines - Alliance Global Group Inc. raked in P20.8 billion in profit last year, up 41% from the P14.7 billion recorded in the previous year.
In a statement, the firm said core net income attributable to AGI shareholders went up 60% to P13.6 billion from P8.5 billion.
"This is the first time we have breached the P20-B net profit level. It only highlights the underlying strength of our various businesses, from consumer and property to BPO (business process outsourcing) and tourism, all growth drivers of the Philippine economy," AGI Chairman Andrew Tan, who was included in Forbes magazines' list of global billionaires, said in the statement.
The firm said earnings were mainly driven by its property unit Megaworld Corp., liquor arm Emperador Distillers Inc. and tourism development company Travellers International Hotel Group Inc.
Megaworld booked P7.3 billion in net profit in 2012, 21% more than the P6 billion seen in the previous year.
Tan said AGI remains "optimistic" about the real estate market in the Philippines as sustained growth is expected from the residential and BPO office development segments.
Emperador, meanwhile, raked in P5 billion in net income last year, more than double the previous year's P2.3 billion amid a surge in brandy sales.
Travellers also saw an increase in its net profit to P6.73 billion from P4.84 billion in the previous year, riding on the government's push to develop the tourism sector.
AGI noted other subsidiaries, Global Estate Resorts Inc. and Golden Arches Development Corp., also booked "strong earnings and positive growth." Golden Arches is the Philippines franchise holder for McDonald's.
"This 2013 will be another banner year for AGI. We expect our various businesses to fully capitalize on the strong and positive macro environment. A minimum growth of 20% in net profit is quite achievable," Tan said.
source: abs-cbnnews.com
