ABS-CBN reports P16.4 billion revenues in 1H 2014; its net income now at P995 million

ABS-CBN executives (L-R) Eloisa Balmoris - Chief Financial Officer, SkyCable; Raymund Miranda - Chief Strategy Officer/Chief Risk Management Officer; Aldrin Cerrado - Chief Financial Officer; Rolando Valdueza - Head, Corporate Services Group 2/Group Chief Financial Officer, Ricardo Tan - Head, Corporate Treasury; Catherine Uy - Head, Finance Operations, Access/Chief Financial Officer, ABS-CBNmobile; Loraine Atienza - Head, Controllership



PRESS STATEMENT FROM ABS-CBN:



ABS-CBN Corporation reported P16.4 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 P8.2 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 P64.8 billion as of the end of June 2014 from P58.0 billion as of end last year. Its equity base rose to P26.2 billion from P25.9 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 P1 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.

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