ABS-CBN 3-quarter income hits P1.89B

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ABS-CBN Corp. reported on Thursday that its consolidated in the first nine months of the year reached P1.89 billion, for an increase of 22 percent compared with P1.555 billion recorded in the same period of 2012. During the period, ABS-CBN generated consolidated revenues of P25.227 billion from advertising and consumer sales, a 16-percent increase compared to last year. ”We posted double-digit growth in terms of advertising for the first six months, because of the election-related advertising, but there is softening starting September and October. But there is a slight recovery to sustain that kind of growth and we still maintain our target [income]of P2 billion [at the end of the year],” said Ronaldo Valdueza, chief financial officer of the network.

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