AGI INCOME DOWN 39 %
Alliance Global Group, Inc. has (AGI) posted a 39 % decline in its net profit of P4-billion in the first quarter compared to its P6.5-billion earnings this year which it attributed to the effects of the Taal Volcano eruption in January, and the coronavirus pandemic in March.
Consolidated revenues fell 7% to P38-billion from last year’s P41.0-billion. Net income to owners stood at P3.0-billion, down 32% 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,” says Kevin L. Tan, chief executive officer, AGI.
The conglomerate has varied interests spanning real estate developments through property giant Megaworld Corporation; leisure, entertainment and hospitality through Travellers International Hotel Group, Inc.; spirits manufacturing through Emperador Inc.; quick service restaurants through Golden Arches Development Corporation (GADC), popularly known as McDonald’s Philippines; and infrastructure developments through Infracorp.
“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,” explains Tan. “Meanwhile, our early digital transformation initiatives have also helped us adapt quickly to the fastchanging 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,” he adds.