ABS-CBN nets P2.3B, expects to meet target

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.