ABS-CBN revenues up 10% to P4.7B in 3 months

Broadcast giant ABS-CBN Corp. reported P9.6 billion in consolidated revenue for the first three months as consumer sales grew by 10 percent to P4.7 billion while its first quarter airtime revenues were 13 percent lower compared to the same period last year. 

ABS-CBN Chief Financial Officer Aldrin Cerrado said they did not expect a significant growth in earnings during the first quarter given the strong performance of the first quarter of last year.

He added, “First quarter earnings tend to be lower than the subsequent quarters due to the cyclicality of advertising placements.”

Meanwhile, Cerrado said they managed to reduce overall costs and expenses during the first quarter.

“We expect costs to go down further as we replace some of the higher cost programs which were carried over from last year,” he said.

“We remain confident that we will meet our earnings target of P3 billion for the year,” added Cerrado.

Based on Kantar Media TV Audience Measurement, ABS-CBN continues to dominate the national TV ratings with an overall audience share of 51.1 percent during the first quarter. ABS-CBN channels filled the Top 10 highest rating programs.

The primetime lead in March 2017 was sustained by its top rating program and long running teleserye – “FPJ’s Ang Probinsyano.”

Star Cinema also generated close to PhP600 million from four movies released during the quarter. “My Ex and Whys,” which was released last February, brought in about P300 million in ticket sales.

As of end March 2017, total assets and equity stood at P71.6 billion and P31 billion, respectively. RIZA LOZADA