ABS-CBN Corporation is set to meet its target net income for the year with a projected value of 2.4 billion pesos.
In just 9 months, the Kapamilya network had already increased its net income by 23% which translates to 1.9 billion pesos as compared to last year with only 1.54 billion pesos during the months of January to September.
Mr. Aldrin Cerrado chief financial officer of ABS-CBN stated “Given our growth trajectory, we are likely to hit record revenues by year-end, and we should be in a strong position to build on this given that next year is an election year,” He further explained that certain measures were implemented that cuts down cost in operations while increasing productivity.
“Our production costs have gone down on a per-hour-of-program basis for the first nine months compared to the same period last year,” Cerrado said.
During the initial nine month period, the highest rating 10 TV programs of Kapamilya for the current year were all under ABS-CBN productions according to the data coming from Kantar Media.
Meanwhile, a close to 2 billion pesos income was generated from Star Cinema movie ticket sales during the first nine months of this year.
A net income of 3 billion pesos which is 39% higher than last year’s January to September revenues came from ABS-CBN television and studio operations. While a projected sales of one million TVplus digital box units are expected by ABS-CBN within the year.
Head of Corporate Services Group for ABS-CBN Mr. Ron Valdueza said- “This will soon have a positive impact on ratings and will create advertising opportunities in our four additional channels.”
