
MANILA, Philippines – A slowdown in its liquor and fastfood businesses pulled down the six-month profit of Alliance Global Group Inc. (AGI) of tycoon Andrew L. Tan by nearly a 10th. In a statement, AGI said its net profit in the first half of the year tumbled nine percent to P7.49 billion from P8.24 billion a year ago. Property giant Megaworld Corp. remained the group’s top income contributor, accounting for 44 percent of AGI’s net income and 34 percent of total revenues. Megaworld posted a record net profit of P16.44 billion in the first semester, which included P11.69-billion non-recurring gains from acquisition and sale of shares in subsidiaries and in an associate. Minus these one-time gains, Megaworld’s net profit still grew 12.24 percent to P4.75 billion in the first six months of the year from P4.23 billion a year ago. Liquor firm Emperador Inc. was AGI’s second biggest income contributor for the first six months, but the unit’s net profit dropped to P3.06 billion from P3.17 billion during the same period last year on the back of lower revenues. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Emperador’s revenues declined to P13.25 billion this year as compared to P13.99 billion a year ago. The liquor unit contributed 27 percent to AGI’s net profit and 22 percent to consolidated revenues in the first half. Meanwhile, cost management initiatives buoyed Travellers International Hotel Group Inc.’s first half earnings 24.73 percent to P2.88 billion from P2.31 billion last year. Travellers operates Resorts Read More …