• ABS-CBN on track to hit P2B profit in 2014

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    THE Lopez-led ABS-CBN Corp. on Tuesday reported a 29 percent growth in net income in the first nine months of the year and expressed confidence it would hit its P2 billion profit target for 2014.

    The media and entertainment giant said its net income in the nine months reached P1.54 billion, 29 percent higher than last year’s P1.19 billion.

    Revenue in the period grew at a slower pace of 4 percent to P25.1 billion, excluding the effects of election- related ads.

    “I remain confident that we will meet our full-year financial targets. The performance of the group for the first nine months has been steady. Our consumer business, led by Star Cinema’s movie releases which generated more than P2 billion in ticket sales, grew by 7.5 percent,” said Aldrin Cerrado, ABS-CBN chief financial officer.

    For the third quarter, ABS-CBN reported a nine percent increase in net income to P545 million from P500 million posted in the third quarter of 2013. Cerrado said the growth was driven “by an increase in advertising revenues and lower costs.”

    He said the firm’s capital expenditure to date stands at P3.88 billion out of the P6.6 billion budget for 2014. Expenditures are broken down as follows: P540 million for program rights, P1.55 billion for pay TV, and P1.66 billion for maintenance and other expenses.

    “Channel 2 has maintained its leadership in terms of national audience shares and ratings, and SkyCable’s revenues have shown steady growth, with broadband revenues increasing by 38 percent compared to the same period in 2013,” Cerrado said.

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