Alliance Global Q2 income jumps 25% to P5.3 billion

ANDREW L. TAN-LED conglomerate Alliance Global Group Inc. (AGI) posted a 25% rise in second-quarter (Q2) attributable profit to P5.3 billion on a normalized basis, driven by its real estate and tourism segments.

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April-to-June consolidated revenue stood at P45.3 billion on anormalized basis, slightly higher than the P45.08 billion recorded in the same period last year, AGI said ina regulatory filing on Thursday.

For the first half, AGI said its net income grew by 39% to P19.2 billion as revenue reached P100.9 billion.

AGI booked a onetime gain of P3.4 billion after reclassifying McDonald’s Philippines operator Golden Arches Development Corp. (GADC) froma consolidated subsidiary to an associate in its financial statements. The conglomerate holds a 49% stake in GADC.

Excluding such one-offs and netting out all GADC items in the financials, AGI said its attributable net profit grew by 23% to P10.1 billion while consolidated revenue went up by 3% to P87.1 billion.

“AGI delivered strong results in the first half of the year, benefitting from a buoyant domestic economy despite ongoing global uncertainty,” AGI President and Chief Executive Officer Kevin L. Tan said.