ABS-CBN’s 9-month revenues rose 29% to P25.1B

LOPEZ-LED ABS-CBN Corp. disclosed nine-month consolidated revenues of P25.057 billion this year, bringing its net income to P1.541 billion, or 29 percent, over the earnings generated during the same period last year.

Revenues of the nation’s media and entertainment giant for the third quarter of 2014 grew by 6 percent to P8.7 billion compared to the second quarter.  ABS-CBN Corp. Chief Financial Officer Aldrin Cerrado said the improved financial performance of their consumer business, led by Star Cinema’s movie releases, generated over P2 billion in ticket sales, or 7.5 percent higher than last year. The Kapamilya network, he said, has continued its leadership audience- and ratings-wise across the country, while Skycable’s growth revenues have been stable, with a 38-percent increase in the broadband services compared last year. “I remain confident that we will meet our full-year financial targets,” he said. Meanwhile, Ron Valdueza, Group CFO and head  of  Corporate  Services  Group  2, said its new initiatives have also performed well.  He cited ABS-CBNmobile for surpassing its subscriber target, while O Shopping continues to generate sales of more than P1 million on a daily basis and has expanded its product offerings. 

“We expect O Shopping to be profitable this year—its first full-year of operations,” he said. 

“In the meantime, we are excited to roll out our digital set-top boxes, pending the release of the implementing rules and regulations by the government. We are also looking forward to the opening of Kidzania at Fort Bonifacio Global City next year,” he said.  

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Roderick L. Abad graduated from Pamantasan ng Lungsod ng Maynila, with a degree course in Bachelor of Arts in Mass Communication. He has 12 years of journalism experience, starting as a Special Features Writer in a major daily newspaper. In 2006, he moved to the BusinessMirror in the same capacity and, eventually, became a beat reporter. To his credit, he was a finalist in the 2011 Holcim Journalism Awards for Sustainable Construction and the 2013 Lasallian Scholarum Awards. He remains affiliated with the BusinessMirror as a contributor.

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