AGI nets P4B in Q1

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Alliance Global Group Inc. (AGI) said profit for the first quarter of the year reached P4 billion, down 39 percent from P6.5 billion last year, attributed to the impact of the Taal Volcano eruption in January and the lockdown in March due to the new coronavirus disease 2019 pandemic.

Revenues reached P38 billion, down 7 percent from last year’s P41.0 billion.

Kevin Tan, AGI chief executive officer, said the company’s early digital transformation initiatives helped the group to “adapt quickly to the fast- changing environment.”

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Megaworld posted profit of P3.5 billion, down 9 percent from P3.8  billion a year before.

Revenues were at P15.1 billion, with only rental income posting a growth of 8 percent year-on-year to P4.2- billion, led by the office segment.

Residential revenues were at P9.6  billion.

Hotel revenues fell 4 percent due to booking cancellations at the onset of the pandemic.

Overall earnings before interest margin also went down as the flat growth in revenues was outpaced by the 5 percent year-on-year increase in total costs and operating expenses.

Resorts World Manila operator Travellers International suffered a net loss of P1 billion, reversing from a P244 million profit last year. Revenues stood at P6.9  billion, down 19 percent.

Emperador profit dropped16 percent to P1.5 billion. Revenues were at P10.7 billion, down 3 percent.

Brandy revenues were flat year- on-year to P7.6  billion while whisky revenues fell 8 percent during the quarter to P3.1  billion as its international sales were affected by the early onset of the global pandemic.

Golden Arches Development Corp., operator of McDonald’s Philippines reported a 72 percent drop in profit to P108 million from P383 million. Consolidated revenues were down 9 percent to P6.8 billion.

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