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ABS-CBN Broadcasting Corporation reported that its profits for the first quarter of the year more than doubled to P280 million from the P118 million registered in the same period in 2006 due to the continuous improvement in its core business.
In a press briefing yesterday, ABS-CBN chief finance office Miguel Jose Navarrete said gross revenues increase 8 percent to P4.18 billion in the first quarter due to higher airtime revenues and sale of services.
Gross airtime revenues grew 20 percent to P2.72 billion on the back of higher advertising volume as well as political ads. Parent airtime revenues rose 24 percent to P2.57 billion while airtime revenues of other platforms dropped 22 percent to P149 million due to lower revenues of Studio 23 and ABS-CBN Global.
License fees fell 79 percent to P88 million in the first quarter of the year from P409 million in the same period in 2006. This represents primarily the retention revenues as the migration period for both new and existing direct-to-home subscribers to DirecTV’s platform ended in August 2006.
Combined sale of services and sale of goods of subsidiaries also posted a healthy growth of 16 percent to P1.38 billion in the first quarter of the year, driven by the strong performance of ABS-CBN Global and ABS-CBN Films.
As of the end of March, total subscriber base of ABS-CBN Global rose 18 percent year-on-year to 1.6 million viewers worldwide while ABS-CBN Films registered a 51 percent hike in revenues, buoyed by robust ticket sales of three popular movies.
On the other hand, total expenses were almost flat at P3.67 billion as the company kept costs under control. Excluding non-recurring marketing expenses related to DirecTV, total recurring expenses increased by 5 percent to P3.65 billion.
With revenues rising faster than expenses, operating income jumped 38 percent to P532 million, translating to operating margin of 13 percent as against 10 percent in the same period last year. (JAL)
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http://www.mb.com.ph/BSNS2007051193715.html
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