Alliance Global Group Inc. (AGI), the holding firm of businessman Andrew Tan, on Thursday said its income for the three months ending March 31 fell 20 percent to P3.2 billion, from last year’s P4 billion, as the economic downturn took a toll on its operations.
Consolidated revenues dropped 16 percent to P31.8 billion from last year’s P38 billion, the company said.
“During the first two months of the year, most of our businesses have already rebounded, sustaining the momentum achieved during the holiday season. However, the momentum has been halted temporarily due to new restrictions imposed as a result of surges in new cases at the end of March,” Kevin Andrew L. Tan, the company’s CEO, said.
“Thankfully, our international liquor operations continued to deliver strong results, supported by the reopening of the various economies across the globe and the improving traction of its brands in the international market.”
Property developer Megaworld Corp.’s income dropped 31 percent to P2.4 billion from last year’s P3.5 billion as sales continued to fall across its businesses with rental income from the offices and shopping malls it operates came in flat.
Consolidated revenues fell 30 percent to P10.1 billion from last year’s P14.39 billion.
Income of Emperador Inc., the liquor maker, grew 43 percent to P2.1 billion from the previous year’s P1.45 billion, still as a result of its strong overseas sales. Domestic sales, however, declined due to the implementation of liquor bans in many areas under lockdown.
The company that sells cheap brandy and whiskey brands to expensive ones said its revenues rose 13 percent to P12.1 billion from last year’s P10.53 billion.
Gambling firm Travellers International Hotel Group Inc., owner and operator of Resorts World Manila, posted a net loss of P1.1 billion in the first quarter, or almost the same as last year’s figure.
Total gross revenues fell 24 percent to P5.2 billion. Its gaming segment delivered gross revenues of P4.6 billion driven largely by its mass and VIP operations. Its nongaming revenues stood at P633 million, steady from the previous quarter, as its hotel operations saw further improvement in occupancy rates to 65 percent versus 54 percent during the fourth quarter.
Golden Arches Development Corp., a company where Tan owns 49 percent and is being operated by the Yang family who still owns 51 percent, had a net income of P73 million, a 32-percent fall from last year’s P108 million. Consolidated revenues of the McDonald’s Philippines operator declined 16 percent to P5.7 billion from the previous year’s P6.8 billion. The company ended the quarter with 655 McDonald’s stores, down from last year’s 669 stores.
“We are very optimistic for the next three quarters as we look forward to an accelerated vaccine rollout that would allow business activities to pick up. This pandemic taught our Group to be relentlessly creative and innovative in executing and modifying some of our strategies to help our various businesses recover fast and strong,” Tan said.