Alliance Global profit soars to P19.2 B

Earnings of Alliance Global Group Inc. (AGI), the conglomerate led by tycoon Andrew Tan, soared in the first half on the back of the increasing contribution from its real estate business and tourism-related segments.

- By Richmond Mercurio

AGI reported a 39 percent year-on-year jump in its net income to P19.2 billion from January to June as group revenues reached P100.9 billion, inclusive of one-time gains from the deconsolidation of its quick service restaurants business, Golden Arches Development Corp. (GADC).

GADC, a company where AGI retains a 49 percent stake, was deconsolidated in its financial statements earlier this year and is now treated as an associate.

AGI said the move resulted in one-time gains of P3.4 billion.

Excluding such one-offs and netting out all GADC items in the financials to allow for comparability, AGI's normalized net income rose by 19.1 percent year-on-year to P15.1 billion.