ABS-CBN Corporation reported P20.9 billion consolidated revenue for the first half of 2016, bringing its net income to P2.1B, 76% higher compared to the same period last year. The company reported higher second-quarter revenues of P11.2B, 20% higher than the revenues generated during the first quarter of this year.
“The improvement in our ratings, coupled with the newly implemented cost per individual rating point pricing scheme, contributed to the increase in our advertising revenues,” said Aldrin Cerrado, ABS-CBN’s chief financial officer.
ABS-CBN continues to be the market leader in terms of total day national audience share and ratings. The top 15 programs for the first half of 2016 were all ABS-CBN shows, with “FPJ’s Ang Probinsyano” in the top spot.
SKY’s broadband subscriber growth has been very strong, increasing by 47% to over 169,000 since June last year. SKY has also introduced direct- to-home service nationwide, SKYdirect, with over 33,000 subscribers as of the end of the first half.
The company’s digital terrestrial television or DTT has sold over 1.3 million boxes as of the end of June.
“We are confident that we will hit our profit guidance for the year,” said ABS-CBN Group CFO Ron Valdueza.
Meanwhile, the company’s educational theme park, Kid- Zania, reached over 150,000 attendance since the beginning of the year. The O Shopping Channel is now generating over P2.2 million in daily sales.
With these successes, ABSCBN’s total assets rose to P72.5B or a 3% increase from last year’s P70.4B. Equity base rose to P29.9B from P28.7B in 2015