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ABS-CBN Corporation reported P2 billion in net income for 2014, equal with the previous year’s net income which was boosted by election-related spending. The company’s revenues remained strong at P33.5B.

“We are pleased with our overall performance for 2014,” said Aldrin Cerrado, the company’s chief financial officer (CFO). “I am happy that our TV and studio businesses continue to turn in strong results. In addition, we are already beginning to reap the rewards from our cost management initiatives. Production costs fell by 4.3% compared to 2013.

“ABS-CBN has further solidified its leadership in terms of national total day audience share, which jumped from 42% in 2013 to 44% in 2014,” he added.

ABS-CBN’s total assets rose to P67.2B from P58.3B in the previous year, while its equity base rose to P26.9B from P25.9B in 2013.

Ron Valdueza, ABS-CBN Group CFO, stated: “I am confident that our company will deliver even stronger results this year. I am particularly excited about the prospects for our digital TV initiative—we already have over 200,000 ABS-CBN TVplus boxes in the market and should hit our initial target of one million set-up boxes by year-end.

“Our O Shopping channel was profitable last year—its first full year of operations—while our educational theme park at the Fort Bonifacio Global City, KidZania, is expected to open for business this year,” added Valdueza. (Story/ photos by Kane Choa)