ABS-CBN Corp. yesterday reported a net income of P2.27 billion in the first nine months of the year, higher by 53 percent from P1.5 billion in the same period last year, attributed to increased revenue on advertising and consumer sales business.
The broadcast firm’s consolidated revenues in January to September this year stood P32 billion, 9 percent higher than last year’s P29.5 billion revenues, driven by growth in advertising revenues by 15 percent to P17billion and consumer sales by 2 percent to P14.9 billion.
The growth in advertising revenues was attributable to both political placements and growth in regular advertising. Consumer sales increased mainly resulting from higher TVPlus Boxes sold and higher subscription revenues from Sky Cable.
ABS-CBN TVPlus contributed an increase in revenues during the first half with a total of 1.81 million boxes sold, or a 1 percent increase in comparison to same period last year.
