AGI reports 66% Q1 earnings growth, excluding one-time gains still up 14%

Alliance Global Group Inc. (AGI), led by Andrew Tan, reported a significant 66% increase in first quarter earnings with net income reaching P11 billion.

This substantial growth includes one-time gains from the deconsolidation of McDonald's Philippines, now an associate company after securing a new license term from McDonald's Corporation.

Excluding these one-time gains, AGI still achieved a strong 14% growth in normalized net income to P7.5 billion, with revenues increasing by 3% to P51.9 billion.

The earnings surge was primarily driven by robust real estate sales, tourism-related revenue, and higher leasing incomes from premium offices and lifestyle malls.

Specifically, Megaworld's attributable net income grew by 16%, while its hotel and resort revenues increased by 27% due to higher average daily rates and domestic tourism.

Additionally, Megaworld Premium Offices saw a 17% revenue increase, and the company's lifestyle mall revenues rose by 11%. Meanwhile, Newport World Resorts operator Travellers International reported a 42% jump in earnings before interest, tax, depreciation, and amortization.

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