ABS-CBN H1 profit drops 23%, still on course for 2014 target

ABS-CBN Corp. reported a 23 percent drop in first-half net profit because of the absence of election spending this year, but it remains confident it will meet its financial targets for 2014 due to sustained revenue growth and better cost efficiencies.

The country’s leading media and entertainment company said first-half net income fell to P995 million from P1.29 billion in the same period in 2013, which was an election year.