ABS-CBNABS-CBN Corporation reported P40.7 billion in consolidated revenue for 2017, bringing its net income to P3.16 billion.
“Overall, we are pleased with our performance for 2017 and we are particularly happy to have exceeded our guidance for net income,” said ABS-CBN chief financial officer (CFO) Aldrin Cerrado. “Top line revenue growth, boosted by a healthy increase in consumer sales, was about 9%.”
ABS-CBN adopted the cost per individual rating point pricing (CPIRP) scheme in 2015, which rewards the company for an increase in ratings.
“In 2017, we maintained our leadership in national audience share, and we improved our average ratings in both Mega Manila, from 34% to 37%, and Metro Manila, from 37% to 41%. This is even more important now that with CPIRP, improved ratings directly translate to increased revenues,” said Cerrado. “At the same time, we have continued to implement cost-efficiency measures which have enabled us to keep costs within manageable levels.”
As a result, the total costs and expenses for 2017 were flat compared to the previous year. Total assets rose to P75.1 billion as of the end of December 2017 compared to P72.7 billion in 2016. The company’s equity base increased from P31.7 billion to P33.7 billion as of the end of December 2017.
The company saw record sales of its digital terrestrial television (DTT) ABS-CBN TVplus boxes.
ABS-CBN Group CFO Ron Valdueza said: “Our target was to sell 1.5 million ABSCBN TVplus boxes in 2017 which would have brought our total box sales to about 3.8 million by year-end. I am pleased to announce that our DTT team actually sold over two million boxes, bringing our total box sales to 4.3 million as of December 2017. By the end of this year, we hope to breach the six-million mark.”
Valdueza added: “Our subsidiaries also made significant contributions to our revenue growth. Star Cinema generated over P2.9 billion in ticket sales both here and abroad.”
SKYcable saw a 4% growth in revenues, from P8.8 billion in 2016 to P9.1 billion in 2017, driven by a 21% increase in broadband and direct-to-home subscribers.
ABS-CBN Global staged “ASAP Toronto” in Canada, while TFC is now being watched by over three million Filipinos abroad.
KidZania has attracted over 330,000 visitors for 2017. Meanwhile, O Shopping generated P840 million in sales. (Story/Photos by: Kane Choa)