ABS-CBN posts P1.2-B net income in first half


Posted at Aug 11 2017 03:54 PM

ABS-CBN Corp. headquarters in Quezon City. Fernando Sepe Jr., ABS-CBN News

MANILA - ABS-CBN Corp, the country's leading media and entertainment network, said Friday net income in the 6 months ending June reached P1.2 billion, as it maintained its ratings lead while controlling costs. 

Consolidated revenues in the first half reached P19.3 billion, ABS-CBN said in a statement, adding second quarter earnings were "better" than the previous three months. 

ABS-CBN had an overall audience share of 50.7 percent, based on Kantar Media TV Audience Measurement, which covers urban and rural homes nationwide. It's long-running hit, "FPJ's Ang Probinsyano," and other shows consistently rank among the country's 10 most watched.

"As expected, our second quarter earnings performance was stronger than our first quarter, and we are particularly pleased to have been able to control overall costs for the first half of the year," said ABS-CBN chief financial officer Aldrin Cerrado. 

The network ended the first half with 3.2 million ABS-CBN TVplus subscribers, as digital channels Cinemo and Yey! doubled audience shares to 2 percent and 1 percent, respectively, Cerrado said. 

ABS-CBN Group CFO Ron Valdueza noted the 9-percent growth in Sky revenues to P4.6 billion, driven by broadband and direct-to-home. 

Sky had 1 million subscribers as of June, Valdueza said. 

Star Cinema generated over P1.2 billion in revenues during the first half, including P400 million in ticket sales from “My Ex and Whys”, and more than P320 million from “Can’t Help Falling in Love."

Kidzania, the company’s educational theme park, welcomed over 148,000 visitors since the beginning of the year, and is expected to do even better in the second half, O Shopping Channel, the Company’s joint venture with CJ O Shopping of Korea, generated P435 million in sales. 

As of end June 2017, total assets and equity stood at P72.2 billion and P32 billion, respectively.

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