Alliance Global Group Inc. (AGI), led by businessman Andrew Tan, said profits jumped 83.8 percent to P9.9 billion during the period, propped up by a one-time gain alongside earnings from its core real estate, and food and beverage units as well as contributions from its casino and hotel operations.
By contrast, Gokongwei-led JG Summit Holdings Inc. said net income in the nine months through September fell 40 percent to P7.82 billion as contributions from its airline subsidiary, alongside that of its food beverage unit, dropped.
Lopez Holdings Corp., a power and media holding firm, also saw its net income during the period fall by 69 percent to P4.1 billion due to the absence of extraordinary gains relating to the sale of Manila Electric Co. shares to the group of Manuel V. Pangilinan last year.
AGI said revenues during the period increased 53 percent to P49.2 billion, with bulk of the growth coming from consumer product sales followed by real estate sales.
AGI units include listed property developer Megaworld Corp., liquor maker Emperador Distillers Inc. and the master franchise holder of McDonalds in the Philippines. It also saw a P2.1-billion net profit contribution from operations of Resorts World Manila through a joint venture with Genting Hong Kong Ltd.
JG Summit said consolidated revenues during the period rose 16.6 percent to 90.4 billion although this offset by a 29.4-percent rise in costs due to higher input prices. It said unit Cebu Pacific Air’s contributions declined after its initial public offering in October 2010 while Universal Robina Corp., a listed snack foods and beverage maker, saw net income decline 25 percent to P4.62 billion as costs increased.
JG Summit also noted lower foreign exchange gains and market valuation losses which it blamed on volatility during the period.
Lopez Holdings said revenues in the first three quarters dropped 15 percent to P21.12 billion, in part due to slowing earnings from ABS-CBN Corp. which saw a drop in advertising revenues following last year’s election period.
First Philippine Holdings Corp. also recognized a so-called impairment loss by subsidiary First Gen Corp. relating to the Northern Negros Geothermal Plant of unit Energy Development Corp.
Lopez Holdings said the successful tender offer for its debt cushioned the impact of weaker financial results during the nine months period.
Shares of Lopez Holdings added 1.1 percent to P4.6 each on Tuesday while AGI rose 1.94 percent to P10.50 each. JG Summit shares declined 2.34 percent to P25 each.
