Higher revenues due to political advertising placements boosted earnings of the Elizalde family’s Manila Broadcasting Co. (MBC) in the first nine months of the year.
The broadcasting group, which runs DZHR and Love Radio, saw its net income grow 18 percent to P98.2 million during the period on the back of a 27.3 percent jump in revenue to P934.7 million.
The company attributed the top line increase to the political advertising placements in relation to the national elections last May.
Also boosting revenues was the reopening of the Feliz Hotel, which was temporarily closed during the pandemic period in 2020 and 2021.
MBC is engaged in the hotel business through subsidiaries Elizalde Hotels and Resorts Inc. and Feliz Hotel Boracay Inc., both started commercial operations in 2019.
The company said it used its current income to finance expansion and operation, as well as pay maturing obligations during the period.