LOPEZ-LED ABS-CBN Corp. said on Friday it is on track to meet its full-year earnings target after reporting net income of P2.3 billion in the first nine months of the year, bolstered by higher advertising revenues.
“Advertising revenues picked up during the third quarter and we are optimistic that we will be able to sustain the momentum until the end of the year to hit our full year net income target of between P2.7 billion to P3 billion,” ABS-CBN Chief Financial Officer Aldrin Cerrado said in a disclosure to the Philippine Stock Exchange.
Advertising revenues reached P15.3 billion in the first three quarters of the year despite this being a non-election year, down by 3 percent from the 15.8 billion recorded in the same period in 2016.
“This decline in the recurring ad sales, however, was tempered by an 11 percent increase in consumer sales, which totaled P14.2 billion over the same period,” it said, noting the robust demand for its TVplus digital boxes and the strong performance of Sky’s Direct-To-Home and broadband subscription revenues.
Consolidated revenues in the nine months reached P29.5 billion.
Sky, a subsidiary of ABS-CBN, posted revenue of P6.8 billion in the first nine months, up 7 percent from a year ago, on the back of growing broadband and DTH subscribers.
It said Star Cinema generated gross receipts of P1.5 billion in the first nine months of the year, while Kidzania, the company’s educational theme park, recorded 224,000 visitors and earned P324 million in revenues.
The company said total assets and equity as of end-September stood at P72.9 billion and P33 billion, respectively.