Andrew Tan’s Alliance Global Inc. (AGI) posted a 62-percent plunge in its net income last year to P10.3 billion from P27.1 billion in 2019 as the pandemic impacted most of its businesses. The conglomerate’s consolidated revenues for the year likewise ended 28-percent weaker to P129 billion from P180 billion year-on-year. Despite the declines, however, AGI noted that its core businesses saw double-digit growths in the fourth quarter as quarantine restrictions were eased. Golden Arches Development Corp. closed the year with sales of P19.8 billion due to challenges in store operations and customer traffic. Shares of AGI gained 2 centavos or 0.19 percent to finish at P10.38 each on Monday.

Source: Manila Times May 10, 2021 16:37 UTC