ABS-CBNAbs-cbn Corporation reported P29.5 billion in consolidated revenues for the first nine months of 2017, bringing its net income to P2.3 billion.
“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 (CFO) Aldrin Cerrado.
Advertising revenues reached P15.3 billion for the first nine
months of the year or 3% lower than the P15.8 billion, net of election-related spending, registered during the same period last year. This decline in the recurring ad sales, however, was tempered by an 11% increase in consumer sales, which totaled P14.2 billion over the same period.
The robust growth in consumer sales was driven by strong demand for ABS-CBN TVplus digital boxes and an increase in SKY’s direct-tohome (DTH) and broadband subscription revenues.
"ABS-CBN continues to be the leader in national audience share and ratings with 51.7% total national audience share based on Kantar Media TV audience measurement as of end-September 2017,” ABS-CBN Group CFO Ron Valdueza said.
During the first three quarters of 2017, SKY’s revenue also grew by 7% to P6.8 billion from P6.4 billion over the same period last year. The revenue increase was attributed to the growing number of SKY’s broadband and DTH subscribers.
Star Cninema meanwhile, generated close to P1.5 billion in gross receipts from movies produced during the first three quarters of 2017.
KidZania earned P324 million revenues from over 224,000 visitors since the beginning of the year.
ABS-CBN also implemented cost control measures since the beginning of the year. As a result, the nine-month period total costs and expenses for 2017 were flat compared to the same period last year.