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Alliance Global profit dips 39% to P4 B in Q1

By James A. Loyola

Alliance Global Group, Inc. (AGI), the flagship of tycoon Andrew Tan, reported a 39 percent drop in net profit to P4 billion in the first quarter of 2020 from the P6.5 billion earned in the same period last year.

In a disclosure to the Philippine Stock Exchange, the firm attributed the decline to the effects of the Taal Volcano eruption in January, and the coronavirus pandemic in March.

Consolidated revenues fell 7 percent to P38 billion in the first quarter from last year’s P41.0 billion. Attributable net income stood at P3.0 billion, down 32 percent from its year ago level of P4.4 billion.
“We started 2020 with twin challenges, and these are changing the way we live and do business today,” said AGI Chief Executive Officer Kevin L. Tan.

He noted that, “While most businesses have been affected by this health crisis, the situation reinforced our belief that our business model is sound and sustainable.”

“For instance, we view our decision to focus on township developments as the way of the future. Even our foray into the international market for our spirits business has allowed us to diversify our risks, even as this pandemic has global dimensions,” explained Tan.

He added that, “our early digital transformation initiatives have also helped us adapt quickly to the fast- changing environment. As such, we see a silver lining to this crisis. Our new learnings and our ability to adapt to emerging trends should make our organization better equipped and even stronger beyond this crisis.”

In the first quarter of 2020, Megaworld Corporation recorded a 9 percent decline in attributable net income to P3.5 billion from P3.8 billion a year before.

Travellers International Hotel Group, Inc. suffered a net loss of P1.0 billion in the first quarter this year, reversing its modest P244 million net income the year before.

Emperador Distillers recorded a 16 percent year-on-year decline in attributable profit to P1.5 billion in the first quarter this year.

Golden Arches Development Corporation (GADC), popularly known as McDonald’s Philippines, saw its attributable net income plunge by 72 percent to P108 million in the first quarter this year from P383
million the year before.


Source: Manila Bulletin (https://business.mb.com.ph/2020/06/30/alliance-global-profit-dips-39-to-p4-b-in-q1/)

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