Sunday, November 18, 2018
Close  
  • share this

ABS-CBN income jumped 76% in H1

/ 12:28 AM August 11, 2016

ABS-CBN Corp., the media holding company of the Lopez family, saw earnings jump in the first half of 2016, bolstered by revenues from political advertising ahead of the May 9 polls.

ABS-CBN said net income during the period jumped 76 percent to P2.1 billion while revenues hit P20.9 billion, up 19 percent.

ADVERTISEMENT

Aldrin Cerrado, ABS-CBN’s chief financial officer, said regular advertising, which removes the effect of political ads, was up 12 percent during the period.

“The improvement in our ratings, coupled with the newly implemented cost per individual rating point pricing scheme, contributed to the increase in our advertising revenues,” Cerrado said.

FEATURED STORIES

ABS-CBN said second quarter revenues hit P11.2 billion, 20 percent higher than the revenues generated during the first quarter of this year.

The company’s Digital Terrestrial Television or DTT had 1.3 million boxes sold as of the end of June.

“We are confident that we will hit our profit guidance for the year,” said ABS-CBN Group CFO Ron Valdueza.

He said earlier that full-year 2016 profit would hit P3.2 billion to P3.5 billion.

ABS-CBN also underscored gains across its other businesses.

It said educational theme park, KidZania, which has partnered with more than 65 establishments, reached over 150,000 attendance since the beginning of the year.

The O Shopping Channel is now generating over P2.2 million in daily sales.

ADVERTISEMENT

“We recognize that the industry we are operating in is changing rapidly and we continue to make significant investments toward digital transformation and innovation,” Valdueza said.

Read Next
Don't miss out on the latest news and information.
View comments

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: ABS-CBN Corp., Business, economy, income, News
For feedback, complaints, or inquiries, contact us.
newsinfo

PNP mulls over Alsa Masa-like network

November 19, 2018 07:28 AM

newsinfo

Questions over APEC after costly summit failure

November 19, 2018 07:27 AM

newsinfo

IN THE KNOW: Alsa Masa

November 19, 2018 07:26 AM

globalnation

Change of mind: Duterte opts to finish Apec meet

November 19, 2018 07:25 AM

newsinfo

Negros farmers bury slain rights lawyer

November 19, 2018 07:24 AM



© Copyright 1997-2018 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.