Excluding this, AGI’s normalized net income still grew 14 percent to P7.5 billion, driven by healthy real estate, tourism, and office leasing revenues.
“AGI started the year with notably strong results in the first quarter even amidst domestic and global challenges mainly brought about by the ongoing US tariff issues,” said AGI CEO Kevin Tan.
“More importantly, our first quarter performance also underscores the efficient cost management measures we continue to implement across all our business segments,” he said.
"Our prudent and disciplined business practices should give us more operating leverage and help us stay on course even with this challenging environment,” he added.
Real estate leads growth
AGI’s property arm, Megaworld, grew attributable net income 16 percent to P5.1 billion, with revenues up 11 percent to P20.9 billion.
Real estate sales rose 8 percent to P13.1 billion, while hotel and resort revenues jumped 27 percent to P1.4 billion on strong domestic tourism. Office rental income surged 17 percent and mall revenues climbed 11 percent as occupancy and foot traffic improved.
Emperador, gaming gain traction
Global liquor unit Emperador saw first-quarter revenues hit P13.2 billion, led by double-digit growth in Spanish brandy Fundador and other international brands. This helped push net income up 7 percent to P1.85 billion, supported by cost control measures.
Meanwhile, Travellers International, which operates Newport World Resorts, reported a 42-percent jump in earnings before interest, taxes, depreciation and amortization (EBITDA) to P2.1 billion.
Gaming revenues rose 6 percent and non-gaming revenues climbed 4 percent on the back of increased tourism and spending.
Poised for a strong finish
AGI’s normalized net income to owners of the parent company rose 18 percent to P5 billion, signaling a healthy underlying performance even without one-off boosts.
“Our prudent and disciplined business practices should give us more operating leverage and help us stay on course even with this challenging environment,” said Tan.
“Despite ongoing macro headwinds, we maintain our optimistic outlook for the balance of the year. We have laid out exciting plans across our various business segments, ready to take advantage of the resilient consumer spending and a resurgence in global economic activity,” he added.
