AGI likewise blamed the Taal Volcano eruption for the decline in its profit.
Consolidated revenues slipped 7% to P38 billion.
Property arm Megaworld saw its net income fall by 9% to P3.5 billion as revenues were flat at P15.1 billion. Rental income rose by only 8% to P4.2 billion, led by the office segment which catered mainly to the resilient onshoring/offshoring sector.
Residential revenues were steady at P9.6 billion while hotel revenues decreased 4% due to booking cancellations at the onset of the pandemic.
Travellers International, owner and operator of Resorts World Manila, swung to a P1 billion loss as the community quarantine weighed on revenues.
Gross revenues declined by 19% to P6.9 billion as gaming revenues slid to P5.6 billion due to the temporary closure of casino gaming operations in mid-March. Non-gaming revenues likewise fell to to P5.6 billion.
Emperador, the world’s biggest brandy producer and owner of the world’s fifth largest Scotch whisky manufacturer, suffered a 16% drop in profit to P1.5 billion as international sales were affected by the lockdowns as well as the liquor ban.
Golden Arches Development Corp. was also hit hard by COVID-19 as it saw earnings plunge by 72% to P108 million. Revenues fell 9% to P6.8-billion as some of its store operations were disrupted by the Taal Volcano eruption in January and the community quarantine in mid-March.
“While most businesses have been affected by this health crisis, the situation reinforced our belief that our business model is sound and sustainable. For instance, we view our decision to focus on township developments as the way of the future. Even our foray into the international market for our spirits business has allowed us to diversify our risks, even as this pandemic has global dimensions,” said Kevin Tan, CEO of AGI.
Source: Peso Economics
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