Stronger airtime revenues in the first nine months boosted ABS-CBN Corp.’s net income to hit P2.27 billion for a 53.2-percent growth from the previous P1.48 billion. In a filing on Wednesday, the Lopez-led broadcast network said consolidated revenues reached P32 billion, 8.6-percent higher than the P29.49 billion in January to September last year. The firm realized a 15-percent increase in revenues from advertising to P17.11 billion from P14.87 billion driven by political placements and regular advertising. Sky Cable, the pay television and broadband arm of ABS-CBN, saw its revenues jumped by 7.4 percent to P7.14 billion versus the P6.65 billion recorded in 2018. ABS-CBN’s earnings before interest, taxes, depreciation and amortization also climbed 14.1 percent to P6.92 billion compared to the P6.06 billion in 2018.

Source: Manila Times November 13, 2019 17:41 UTC