ABS-CBN Corp. said on Friday net income rose 50 percent in the first nine months due to higher advertising sales.
The country’s leading media and entertainment company reported a net income of P2.85 billion in the January-to-September period from P1.89 billion year-on-year.
ABS-CBN’s revenues amounted to P31 billion, up 12 percent from P27.76 billion last year.
ABS-CBN chief financial officer Aldrin Cerrado attributed the growth to strong advertising revenues during the first nine months, which were boosted by election-related spending and the continued leadership in ratings of our primetime shows.
“Our ratings performance is key since we have adopted the cost per individual rating point pricing (CPIRP) scheme,” Cerrado said.
“We are confident that we will meet our earnings guidance of between P3.2 to P3.5 billion for 2016,” he added.