Excluding this, core profit grew 10 percent to P21.2 billion, showing steady performance from property, spirits, and leisure units even as revenues slipped 11 percent to P143.4 billion from P161.6 billion.
Management’s view
“AGI’s robust performance in the first three quarters of the year is largely due to our diversified business portfolio and product mix. During the period, we saw a sequential improvement in office and mall rentals, and steady contribution from our residential and hospitality segments,” said Kevin L. Tan, president and CEO of AGI.
“Meanwhile, despite the global economic challenges, our spirits business has managed to gain traction in the international market,” he added.
Nonrecurring gain lifts results
The P3.4-billion gain stemmed from AGI cutting its stake in Golden Arches Development Corp. to 49 percent, now treated as an associate.
Stripping it out, core attributable profit still rose 8 percent to P13.9 billion, underscoring the group’s earnings stability.
Property remains major driver
Property arm Megaworld Corp. remained the biggest contributor, with profit up 16 percent to P15.9 billion on strong leasing and residential demand.
Rental income climbed 16 percent to P11.1 billion, while mall revenues rose 13 percent to P5.1 billion on higher tenant sales and occupancy.
Liquor, gambling contributions
Liquor unit Emperador Inc. booked P41.2 billion in sales, anchored by Fundador and premium Scotch labels The Dalmore, Jura, and Tamnavulin, driving P4.7 billion in attributable profit.
Leisure arm Travellers International, operator of Newport World Resorts, earned P28.6 billion, supported by better gaming volumes and hotel traffic.
—Edited by Miguel R. Camus
