ABS-CBN Corp. said profit last year reached P3.88 billion, up 5.28 percent from the prior year’s P2.54 billion.
Consolidated revenues totaled P41.6 billion, up 8.75 percent from the prior year’s P38.28 billion.
Aldrin Cerrado, ABS-CBN chief financial officer, said the company exceeded earnings guidance for 2016 as full year growth in advertising revenues, boosted by election-related spending, was about 11 percent.
“Our continued strong leadership in national audience share was also a key contributor to our record performance because improved ratings now translate to increased revenues,” said Cerrado, noting the company shifted to cost per individual rating point pricing (CPIRP) scheme in 2015, which rewards the company for an increase in ratings in adjusting its rates for advertisers.
Cerrado said cost and expenses were up only 6 percent last year.
“In particular, ABS-CBN was successful in its continuing efforts to control production costs and reduced expenses by about 4 percent on a per hour basis compared to 2015,” he said.
Based on Kantar Media national TV ratings covering both urban and rural homes, the top 10 programs for 2016 for free-to-air television were all produced by ABS-CBN with “FPJ’s Ang Probinsyano” consistently topping all programs.
The company’s roll-out of its Digital Terrestrial Television or DTT helped boost audience share with over 2.3 million boxes sold as of the end of December 2016.
Total assets rose stood at P72.7 billion, up from P69.9 billion the prior year. Shareholders equity stood at P31.7 billion.
“We are also extremely happy with the performance of our subsidiaries last year. The healthy growth in our advertising revenues coupled with the accomplishments of our different business units enabled us to deliver record earnings performance for ABS-CBN,” said Ron Valdueza, ABS-CBN Group chief finance officer.
“Star Cinema generated over P2.9 billion in ticket sales both here and abroad. ‘Super Parental Guardians,’ which was released last November, brought in more than P600 million in ticket sales, making it the highest-grossing Filipino film,” he added.
SkyCable saw an 8 percent growth in revenues, driven by the introduction of SkyDirect, its newly launched Direct-to-Home Pay TV offering, and the continued sharp increase in its broadband subscriber base. By year-end, the company had over 112,000 SkyDirect subscribers and more than 200,000 broadband subscribers, bringing Sky’s total subscriber base to over one million.
“Consistent with the company’s vision of touching the lives of Kapamilyas overseas, ABS-CBN Global staged “ASAP New York” at the Barclay’s Center. Around 9,000 Kapamilyas were entertained by over 50 artists during the four-hour show. The Filipino Channel (TFC) is now being watched by over three million Filipinos abroad,” ABS-CBN said.