ADVERTISING REVENUES pushed up broadcast network ABS-CBN Corp.’s third quarter net income by 27.7 percent to over P696 million from over P545 million last year.
“Advertising revenue grew by 7.7 percent, and that is really the driver,” said Aldrin Cerrado, chief financial officer of ABS-CBN Corp. “In the past, we were just growing by 4.5 percent. This time, it is 7.7 percent. It’s because of international shows we do outside.”
The network’s nine-month net income is placed at close to P1.9 billion.
ABS-CBN posted consolidated revenues of P27.8 billion for the first nine months of 2015, 23 percent higher than last year.
“Given our growth trajectory, we are likely to hit record revenues by year-end, and we should be in a strong position to build on this, given that next year is an election year,” said Cerrado. “With one quarter to go, we are confident that we will succeed in meeting our earnings guidance of P2.4 billion for 2015.”