ABS-CBN income soars 53% to P2.3 billion as of September

MANILA, Philippines — Media and entertainment giants ABS-CBN Corp. saw earnings grow by more than half in the first three quarters due to higher advertising revenues.

In a disclosure to the Philippine Stock Exchange yesterday, ABS-CBN said it generated a net income of P2.27 billion in the nine months ending September, 53.2 percent more than the P1.48 billion recorded in the same period last year.

ABS-CBN’s robust earnings was boosted by consolidated revenues which amounted to P32 billion for the period, up 8.6 percent year-on-year. 

Advertising revenues expanded by 15 percent P17.11 billion which was driven by both political placements and growth in regular advertising.

Excluding political placements, regular advertising increased by P828 million or 5.6 percent year-on-year, according to the company.

Consumer sales, meanwhile, improved by 2.1 percent to P14.91 billion behind more TVPlus Boxes sold and higher subscription revenues from Sky Cable.

From January to September, ABS-CBN said direct costs and expenses reached P29 billion, 2.8 percent more compared to the amount recorded in the same period last year.

“This was due to the costs related to original Iwant produced content and Halalan expenses amounting to P249 million and P68 million, respectively,” it said.

ABS-CBN’s business operations include media networks and studio entertainment, cable, satellite and broadband, digital and interactive media, and consumer products and experiences.

ABS-CBN’s content are currently available across other territories through ABS-CBN International Distribution.Its programs are currently present in over 50 territories all over the world, selling over 50,000 hours of content worldwide.

Aside from TV programs, box-office films, and best-selling books and music, ABS-CBN is also rapidly transitioning into an agile digital company with a growing list of digital properties.