ABS-CBN earnings almost double in Q1

MANILA, Philippines — Media and entertainment giant ABS-CBN Corp. saw its earnings nearly double in the first quarter as political placements drove advertising revenues higher.

ABS-CBN reported a net income of P808 million in the January to March period, up 97.6 percent from P410 million in the same period last year.

Consolidated revenues of the company from advertising and consumer sales reached P10.4 billion, up 15 percent from P9.01 billion in the same period last year.

ABS-CBN said advertising revenues rose by 24.4 year-on-year to P5.4 billion, attributed primarily to both political placements and growth in regular advertising.

Excluding political placements, the company said regular advertising grew by P633 million or 14.6 percent higher year-on-year.

Consumer sales jumped by 6.2 percent to P4.95 billion mainly due to higher TVPlus Boxes sold and theatrical receipts from ABS-CBN Films.

ABS-CBN TVPlus sold a a total of 638 thousand boxes during the quarter, a nine percent improvement from the same period last year.

Meanwhile, total revenues generated in the first quarter from the firm’s digital platforms hit P401 million, 64 percent higher than a year ago.

 “Since the company’s direction is to go digital, various platforms are continuously developed and enhanced to address the rapid digital preference of its audiences. This thrust in digital content production in various platforms such as, Push, ABS-CBN Lifestyle, Choose Philippines, Iwant, ABSCBN Exclusives and Entertainment, further drove consumer engagement reflected through increasing monthly active subscribers throughout the year,” ABS-CBN said.

ABS-CBN earmarked about P6 billion in capital expenditures this year to support its various businesses, particularly in continuing its transition into an agile digital company.

The company, which is home to the Philippines’ top-rating TV programs, box-office films, and best-selling books and music, is rapidly transitioning into an agile digital company with a growing list of digital properties.

ABS-CBN is also diversifying in new businesses outside the media space such as food and beverage, customer and merchant e-wallet services, and cosmetics production sectors.