ABS-CBN Corporation reported P16.4 billion consolidated revenues for the first half of 2014, bringing its net income to P995 million, around 44% higher compared to the same period last year after removing the effect of election-related ad spending. The company reported steady second-quarter revenues of P8.2B—almost identical to the revenues generated during the first quarter of this year.
“I am pleased with our overall performance for the first half of the year, and I am confident that we will be able to achieve our full-year financial targets,” said Aldrin Cerrado, ABS-CBN chief financial officer. “Channel 2 continues to dominate strongly in terms of national audience shares and ratings, Star Cinema’s performance at the box office was excellent and SKYcable has grown both its cable and broadband businesses. Our Global business has been solid…”
ABS-CBN reported that its costs and expenses were lower compared to the same period last year, while total assets rose to P64.8B as of the end of June 2014 from P58.0B as of endlast year. Its equity base rose to P26.2B from P25.9B in 2013.
Ron Valdueza, Group CFO and head of Corporate Services Group 2, stated: “We are looking forward to sustaining our performance throughout the second half of the year. The results of our initiatives on both the revenue and expense sides have been positive, and we should be able to deliver a marked improvement in our margins over the coming years.
“ABS-CBNmobile subscriber acquisition numbers are very encouraging. Our O Shopping Channel is generating over P1M in daily sales and is expected to be profitable this year, while our educational theme park, KidZania, has already exceeded its target number of industrial partners and will open for business early next year,” added Valdueza. (Story by Kane Choa)