Philippines' Alliance Global Group posts 13% profit rise in 2013
CLIFF VENZON, Nikkei staff writer
MANILA -- Philippine conglomerate Alliance Global Group (AGI) logged a 13% year-on-year profit increase to 23.1 billion pesos ($519 million) in 2013, buoyed by stronger performances at its subsidiaries.
Net income attributable to equity holders of the parent rose 24% to 17.2 billion pesos. Group revenue climbed 21% to 123.4 billion pesos.
AGI said the growth was led by liquor producer Emperador, real estate developers Megaworld and Global-Estate Resorts, Resorts World Manila operator Travellers International Hotel Group, and Golden Arches Development, which owns the franchise rights to McDonald's in the Philippines.