ABS-CBN Corporation reported a 36% increase in net income attributable to equity holders of the parent for 2013 of P2.146 billion, compared to P1.581B for 2012. The company’s strong performance came on the back of a 15% rise in net revenues of P33.4B, compared to P28.9B for the previous year.

“Our company’s solid financial performance for 2013 was boosted by our dominance in national ratings which allowed us to capture a bigger share of the advertising spending in the country, election-related spending and various initiatives within the company to be more cost efficient,” said chief financial officer (CFO) Aldrin Cerrado.

The company reported that costs and expenses rose 11%, slower than the 15% revenue growth rate for the year. 

Total assets rose to P57.99B from P51.3B in 2012, while its equity base rose from P19.4B in 2012 to P25.9B in 2013.

Rolando Valdueza, head of Corporate Services Group 2 and Group CFO, stated: “Our performance last year has allowed us to declare a 60 centavo per share cash dividend, payable to shareholders on May 7, 2014.

“I believe our company is on a solid growth path and I am extremely excited about our prospects for the coming few years,” Valdueza added.

International brokerage firms, including Deutsche Regis, Credit Lyonnais and Maybank ATR Kim Eng, have included ABS-CBN in their research coverage and are positive about the company’s future prospects. ABS-CBN is one of Credit Lyonnais’ top stock picks with a target price of P52. (Kane Choa)