ABS-CBN net income jumps 76 pct in first half | ABS-CBN
ADVERTISEMENT
![dpo-dps-seal](https://od2-image-api.abs-cbn.com/prod/Seal_Image_OD.png)
Welcome, Kapamilya! We use cookies to improve your browsing experience. Continuing to use this site means you agree to our use of cookies. Tell me more!
ABS-CBN net income jumps 76 pct in first half
ABS-CBN net income jumps 76 pct in first half
Jon Carlos Rodriguez,
ABS-CBN News
Published Aug 10, 2016 03:32 PM PHT
|
Updated Aug 10, 2016 06:45 PM PHT
![Clipboard](https://od2-image-api.abs-cbn.com/prod/ClipboardNews.png)
MANILA - (UPDATE) ABS-CBN Corp., the country's largest media and entertainment company, said Wednesday net income in the first six months of the year grew 76 percent as its ratings dominance boosted revenues.
MANILA - (UPDATE) ABS-CBN Corp., the country's largest media and entertainment company, said Wednesday net income in the first six months of the year grew 76 percent as its ratings dominance boosted revenues.
Net income in the January to June period reached P2.1 billion, the company said in a statement. Revenues in the second quarter rose 20 percent to P11.2 billion.
Net income in the January to June period reached P2.1 billion, the company said in a statement. Revenues in the second quarter rose 20 percent to P11.2 billion.
The network said it led its rivals, producing the 15 highest-rated shows for the six-month period. The police drama "Ang Probinsyano," starring Coco Martin, is the consistent top-rater.
The network said it led its rivals, producing the 15 highest-rated shows for the six-month period. The police drama "Ang Probinsyano," starring Coco Martin, is the consistent top-rater.
"The improvement in our ratings, coupled with the newly implemented cost per individual rating point pricing scheme, contributed to the increase in our advertising revenues," said ABS-CBN chief financial officer Aldrin Cerrado.
"The improvement in our ratings, coupled with the newly implemented cost per individual rating point pricing scheme, contributed to the increase in our advertising revenues," said ABS-CBN chief financial officer Aldrin Cerrado.
ADVERTISEMENT
With the strong first half results, ABS-CBN was on track to meet its profit guidance of P3.2 billion to P3.5 billion for the year, group CFO Ron Valdueza said.
With the strong first half results, ABS-CBN was on track to meet its profit guidance of P3.2 billion to P3.5 billion for the year, group CFO Ron Valdueza said.
The company's digital television service continued to grow with over 1.3 million TV Plus boxes sold as of June. Sky Broadband grew its subscribers by 47 percent to 169,000, the company said.
The company's digital television service continued to grow with over 1.3 million TV Plus boxes sold as of June. Sky Broadband grew its subscribers by 47 percent to 169,000, the company said.
The company's KidZania theme park had 65 open establishments and 150,000 visitors since the start of the year. The O Shopping Network generates daily sales of over P2.2 million, it said.
The company's KidZania theme park had 65 open establishments and 150,000 visitors since the start of the year. The O Shopping Network generates daily sales of over P2.2 million, it said.
Earlier Wednesday, ABS-CBN President Carlo L. Katigbak said the company was opening an "experience store" as it grows its consumer business.
Earlier Wednesday, ABS-CBN President Carlo L. Katigbak said the company was opening an "experience store" as it grows its consumer business.
Cerrado said the "experience stores" would most likely be set up in malls.
Cerrado said the "experience stores" would most likely be set up in malls.
News.abs-cbn.com is the official news website of ABS-CBN Corp.
ADVERTISEMENT
ADVERTISEMENT