ABS-CBN's H1 profits surge to P1.2-B


Posted at Aug 12 2015 05:40 PM | Updated as of Aug 13 2015 08:07 PM

MANILA - Multimedia giant ABS-CBN Corp. posted profits of P1.2 billion in the first half of the year, up 20 percent from the P995 million net income reported in the same period last year.

The Lopez-led media and entertainment company said its consolidated revenues for the first half of the year reached P17.7 billion.

For the second quarter alone, revenues increased by 11 percent to P9.3 billion compared to revenues generated during the first quarter of this year of P8.4 billion.

ABS-CBN earlier set a profit guidance of P2.4 billion for 2015.

"Our performance during the first half was well within our expectations," said Aldrin Cerrado, ABS-CBN chief financial officer.

"We disclosed a guidance of P2.4 billion for 2015 and we are about half way there," he added.

Cerrado said Channel 2 has extended its dominance in terms of national audience shares and ratings with a 52 percent national audience share at end of June 2015.

Based on data from Kantar Media, the top 10 programs for the first half of the year for free-to-air television were all produced by ABS-CBN.

"The company will further boost its audience share once it improves the reception of channel 2 in the Mega Manila area and Central Luzon," the firm said in a press statement on Wednesday.

ABS-CBN also reported that Star Cinema generated P1.4 billion in ticket sales generated from the release of eight movies.

"Consistent with our push towards growing our broadband business, Sky's broadband subscriber growth has been very strong, increasing by 30% to over 115,000, while our Global business now reaches around 3 million of our fellow Kapamilya overseas," Cerrado said.

Ron Valdueza, ABS-CBN Group CFO and Head of Corporate Services Group 2, said, "I believe our second half will be just as strong and we should continue to see marked improvements in the performance of our new initiatives."

ABS-CBN's digital TV service, TV Plus, is now in 500,000 households after being launched in February this year.

The company expects to breach the 1 million mark for TV Plus by year-end.

"This should have a positive impact on ratings and will open up potential advertising opportunities in our four additional channels, especially the movie channel, 'Cinemo', and 'Yey', our cartoon channel," said Valdueza.

Meanwhile, ABS-CBN's educational theme park KidZania, located at the Fort Bonifacio Global City, recently opened with more than 4,000 visitors during the opening weekend.

KidZania is operated by ABS-CBN subsidiary Play Innovations.

ABS-CBNnews.com is the news website of ABS-CBN Corp.