MANILA - ABS-CBN Corp said Friday it posted net income of P2.3 billion in the January to September period, bringing it closer to meeting its full year goal.
Consolidated revenues during the same period reached P29.5 billion, ABS-CBN said in a statement.
Advertising revenues reached P15.3 billion, down 3 percent from the same period last year net of election-related spending. This, however, was tempered by an 11 percent increase in consumer sales to P14.2 billion, according to the statement.
The consumer business includes the company's digital terrestrial service, TVplus, which has sold a cumulative 3.6 million boxes, helping drive digital penetration to 36 percent in Mega Manila and 40 percent in Metro Manila.
“Advertising revenues picked up during the third quarter and we are optimistic that we will be able to sustain the momentum until the end of the year to hit our full year net income target of between P2.7 billion to P3 billion,” said ABS-CBN chief financial officer Aldrin Cerrado.
The enduring popularity of the hit primetime police drama, "FPJ's Ang Probinsyano," helped ABS-CBN maintain its nationwide ratings lead, based on a study of urban and rural homes by Kantar Media.
ABS-CBN Group CFO Ron Valdueza also credited Sky Broadband and Sky Direct-To-Home for the growth in consumer revenues.
"We expect the strong take-up in our DTH and broadband services to continue as we invest in expanding and upgrading our network," Valdueza said.
The company's movie-making arm, Star Cinema, generated close to P1.5 billion in gross receipts, including P300 million in ticket sales from “Finally Found Someone” in July.
Educational theme park Kidzania earned P324 million from over 224,000 visitors this year, with more expected during the holiday season.
Total costs and expenses were flat as the company implemented cost-cutting measures.
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