Alliance Global reports 2016 net income up 5%

Alliance Global Group Inc. (AGI) saw its net income increase by 5 percent to P22.8 billion in 2016 from P21.7 billion a year earlier.

In a disclosure to the Philippine Stock Exchange on Thursday, AGI attributed its financial performance to the "continued improvement in operating efficiencies across all companies."

Consolidated revenue was flat at P139.7-billion.

“Since about three-to-four years ago, the Group has made a deliberate effort to significantly raise our level of spending to expand our geographic footprint, both here and abroad, and ensure a more sustainable growth in future earnings,” Kingson U. Sian, AGI president, said.

Property arm Megaworld Corp. posted a net income of P11.6 billion, up 12 percent.

Liquor unit Emperador Distillers Inc. reported a net income of P7.7 billion, up 11 percent.

Travellers International Hotel Croup Inc.'s earnings before interests, taxes, depreciation and amortization grew by 4 percent to P6.4 billion.

Golden Arches Development Corp., the exclusive franchise holder of McDonalds's in the Philippines, recorded a net income of P1.2 billion on revenue of P22.6 billion. AGI holds a 49 percent equity in Golden Arches.

Alliance Global is the holding company of tycoon Andrew L. Tan. — Ted Cordero/VDS, GMA News