051207: ABS-CBN profit more than doubles in Q1

By Zinnia B. dela Peña
The Philippine Star 05/12/2007

Media giant ABS- CBN Broadcasting Corp. said its net earnings for the first quarter this year more than doubled to P280 million, boosted by an increase in advertising revenues as political spending for the national elections pour in.

In a statement, ABS-CBN said gross revenues went up eight percent to P4.18 billion as gross airtime sales grew 20 percent to P2.72 billion.

The broadcasting firm said the strong first quarter performance puts it on track to achieving its P1 billion net profit target for the year.

ABS-CBN said operating income increased 38 percent to P532 million, translating to an operating margin of 13 percent as against 10 percent in the same period last year.

Earnings before interest, taxes, depreciation and amortization (EBITDA) went up 29 percent to P1.119 billion.

The combined sale of services and sale of goods of subsidiaries also posted a 16 percent increase to P1.38 billion, driven by strong performance of ABS-CBN Global and ABS-CBN Films.

As of end-March 2007, ABS-CBN Global had 1.6 million viewers worldwide, up 18 percent from a year earlier.

Revenues from movies produced likewise went up 51 percent.

 

http://www.philstar.com/philstar/NEWS200705120704.htm