Alliance Global nets P6.5B in Q1

Alliance Global Group Inc. (AGI), the investment holding company for businesses of local billionaire Andrew Tan, posted a 16% increase in its bottom line in the first quarter on the back of improved revenues during the period.

In an emailed statement, AGI said its first-quarter net income rose to P6.5 billion from the P5.6 billion the same period last year.

The company attributed the climb to the 19% increase in its consolidated revenues during the period to P41.0 billion from P34.4 billion in the comparable period.

Among the top growth drivers are the township development unit Megaworld Corp., its gaming and leisure operations unit Travellers International Hotel Group Inc., liquor subsidiary Emperador Inc., and quick service restaurants under Golden Arches Development Corp.

"Our much-improved performance is a testament to our strong brand equity across all our business segments," said AGI Executive Officer Kevin Tan.

"We are mindful of the challenges in the external environment, but we will strive to work harder to sustain such good results," he elaborated.

Megaworld in March said it eyes as much as 30 townships across the country in the next two years as it unveiled P20-billion township in Cainta, Rizal, its 24th across the country.

It also partnered with the Bases Conversion and Development Authority (BCDA) to create a 160-hectare district in Fort Bonifacio, envisioned to be the "country's administrative capital." — RSJ, GMA News