MANILA, Philippines - ABS-CBN Corp., the country's largest multimedia conglomerate, said its 2010 net income rose 87%, surpassing its target, on the back of political advertising for the national elections.
ABS-CBN posted a consolidated net income of P3.2 billion last year, exceeding its income guidance by P200 million.
The company's revenues rose 30% from a year ago to P32.2 billion, owing to higher advertising and consumer sales.
Higher minutes sold, a programmed rate increase and political ad spending boosted ABS-CBN's advertising revenues by 50% to P21.7 billion.
Consumer sales, on the other hand, inched up by 1%, thanks to an increase in Sky Cable's subscription and service revenue.
Rolando Valdueza, ABS-CBN chief financial officer, said they expect earnings to stay at the same level this year despite the absence of political ads.
"For 2011, our target is to at least match the 2010 performance... We expect consumer sales to deliver the goods," he said.
During the first quarter, Valdueza said advertising minutes were already up by as much as 7%.
However, he admitted that new competition has made programming more challenging. He said the impending launch of ABS-CBN's digital TV will boost viewership and ratings.
"There is a challenge in our noontime programming. But we continue to have double-digit lead in prime time where 70% of revenue comes from."
ABS-CBN said it maintained its national audience share and ratings leadership last year, with total-day audience share averaging 43%, going by Kantar Media National TV Ratings' figures.
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