ABS-CBN nets P598M in first 5 months of year

ABS-CBN News

Posted at Jun 26 2008 11:21 AM | Updated as of Jun 26 2008 07:21 PM


By CHARO LOGARTA

ABS-CBN News

ABS-CBN posted a recurring net income of P598-million from January to May 2008, or an improvement of 13 percent year-on-year.

The company's Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) from core airtime and direct sales reached P2-billion in the first five months of the year.

"We're already at P600-million in five months," said Rolando Valdueza, ABS-CBN's chief financial officer, "So you can guage it from that that we will likely sustain growth."

ABS-CBN Broadcasting Corp. expects to grow its net income in 2008, on the back of improved advertising revenues as well as growth in its international businesses.

ABS-CBN president Charo Santos-Concio says the network will continue to reduce production costs, cap talent fees and rationalize expenses as it enters into more locally-produced shows that use format rights, or licenses of foreign titles such as Betty La Fea and My Girl.

"Our goal is to bring money in, not out," says Santos-Concio.

Meanwhile, ABS-CBN chairman Eugenio Lopez III says the network is ready to shift to digital television.

"It's something we've been working on for two years, we're just waiting for the guidelines from the National Telecommunications Commission."

ABS-CBN Broadcasting Corp. is the parent firm of ABS-CBN Interactive Inc.