ABS-CBN Corp., the Philippines’ leading media and entertainment network, said net income in 2013 climbed 25 percent to P2.028 billion from P1.618 billion in 2012 on higher advertising revenue that was further enhanced by election spending.
ABS-CBN said net revenue in 2013 rose 15 percent to P33.4 billion compared to P28.9 billion in the previous year.
“Our company’s solid financial performance for 2013 was boosted by our dominance in national ratings which allowed us to capture a bigger share of the advertising spending in the country, election-related spending, and various initiatives within the company to be more cost-efficient,” ABS-CBN’s chief financial officer Aldrin Cerrado said.
The company said total assets increased to P57.99 billion last year from P51.3 billion in 2012, while its equity base rose to P25.9 billion from P19.4 billion previously.
The Lopez-led company said it forged various strategic partnerships in 2013 consistent with its overall plan to bring quality content to its customers through various platforms.
For instance, The Filipino Channel’s (TFC) agreement with Orbit Showtime Network has allowed ABS-CBN to further broaden its reach to Filipinos in the Middle East, adding about 50,000 customers.
Furthermore, its partnership with the owners of the Mars Ravelo properties will bring the popular superheroes to television sets and theaters in the Philippines and overseas.
ABS-CBN said unit Skycable continues to dominate the cable TV business with more subscribers than its nearest competitor. Currently, Skycable has about 700,000 subscribers, including the 180,000 it inherited with the acquisition of Destiny Cable.
According to Kantar Media, the top 10 programs in 2013 for free-to-air television were all produced by ABS-CBN.
The company hopes to further boost its audience share once it improves the reception of channel 2 in the Mega Manila area and Central Luzon. This should be achieved through ABS-CBN’s transition to digital terrestrial television.