ABS-CBN earns P508 million during 2013 Election Campaign Period
ABS-CBN Corp said its net income grew by 66 percent to P508 million in the first quarter of the year from P306 million last year, on the back of regular and election-related ad revenues.
Consolidated revenues went up by 21 percent to P7.9 billion, as ad revenues climbed 22 percent year-on-year to reach P4.4 billion.
Consumer sales brought in P3.5 billion, an 18 percent year-on-year increase, while Sky Cable saw a 43 percent surge in sales to P1.6 billion.
ABS-CBN ascribed growth partly to the acquisition of Destiny Cable. To recall, the network's unit, SkyCable, last year bought Destiny.
ABS-CBN's costs and expenses increased by 17 percent year-on-year to P7.2 billion, brought about by higher production costs, cost of sales and services, and general and administrative expenses.
Capital expenditures and film and program rights acquisition cost P1.1 billion, flat from last year, the network said.