MANILA (UPDATE) -- ABS-CBN Corp. saw its net income surge by 66% to P508 million in the first quarter from P306 million in the same period last year, buoyed by advertisements.
"The growth in income was fueled by strong regular advertising revenues as well as election-related ads," the media conglomerate said in a statement.
"Consumer sales also grew at a significant rate," the firm added.
Consolidated revenues went up 21% to P7.9 billion, as earnings from ads jumped 22% to P4.4 billion and profits from consumer sales climbed 18% to P3.5 billion.
During the three-month period, the Lopez-led company raked in P300 million in election-related ads.
ABS-CBN noted its Sky Cable unit continued to be a major driver of growth during the period with revenues rising 43% to P1.6 billion.
Total operating and other costs, meanwhile, increased 17% to P7.2 billion, driven by higher production, general and administrative expenses and a surge in cost of sales and services.
The company spent P1.1 billion in capital expenditure and film and program rights acquisition during the period, the same level recorded a year ago.
ABS-CBNnews.com is the news website of ABS-CBN Corp.