Quezon City, Philippines – The consolidated net income of ABS-CBN Corporation, the country’s largest media and entertainment company, registered P1.891 billion for the first nine months of 2013, an increase of 22% compared to P1.555 billion in the same period last year.
ABS-CBN has also generated consolidated revenues of P25.227 billion from advertising and consumer sales, a 16% increase compared to last year.
Advertising revenues reached P14.773 billion, an increase of 20% from a year ago. Consumer sales amounted to P10.454 billion, posting an 11% increase. SkyCable continues to be a major driver of growth with revenues increasing by 21% to P4.980 billion. The growth in SkyCable revenues is partly attributable to the acquisition of Destiny Cable.
Total costs and expenses increased by 15% to P22.749 billion brought about by increases in production costs, cost of sales and services, and general and administrative expenses.
Capital expenditure and film and programme rights acquisition amounted to P2.810 billion, 20% lower than last year.