MANILA, Philippines – ABS-CBN Corporation (PSE: ABS), the country’s leading media and entertainment company, reported PHP16.4 billion consolidated revenues for the first half of 2014, bringing its net income to PHP995 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 PHP8.2 billion – 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, the company’s 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,” added Cerrado. “Our Global business has been solid, and we have been able to reach our fellow Kapamilya overseas through events such as ‘ASAP Dubai’ and ‘OK Go’ in Canada and various other countries.”
The company reported that its costs and expenses were lower compared to the same period last year, while total assets rose to PHP64.8 billion as of the end of June 2014 from PHP58.0 billion as of end last year. Its equity base rose to PHP26.2 billion from PHP25.9 billion 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 side 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 PHP1 million 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.
According to Kantar Media, the top ten programs for the first half in 2014 for free-to-air television were all produced by ABS-CBN. The company hopes to further boost its audience share once it improves the reception of channel 2 in the Mega Manila area and Central Luzon. This should be achieved through ABS-CBN’s transition to digital terrestrial television.