Multimedia conglomerate ABS-CBN Corp. of the Lopez family, grew its net income by 25 percent last year to P2.54 billion, surpassing its self-imposed target of P2.4 billion.
Consolidated revenues rose 15 percent to P38.28 billion, helped by higher advertising rates and strong ratings.
ABS-CBN chief financial officer Aldrin Cerrado told reporters revenues from TV and studio business expanded by more than 11 percent.
“We received a further boost in revenues after we adopted a new pricing scheme in May of last year – from a fixed cost per spot, to a cost per individual rating point system,” he said.
Data from Kantar Media showed the broadcast firm’s national total day audience share jumped to 43 percent as of the end of December last year.
ABS-CBN is confident it can sustain its upward trajectory with net earnings forecast to grow to P3.3 billion to P3.6 billion this year, driven by revenue from advertising and movies.
It ended 2015 with total assets of P70.42 billion, higher than the P67.24 billion recorded the previous year.
To maintain leadership, ABS-CBN has set aside P8.8 billion this year for capital expenditures which include its ongoing shift to digital terrestrial television and for its pay TV business and acquisition of program rights.
