ABS-CBN Q1 profit more than doubles on ad volume, pol adsABS- CBN Broadcasting Corp., the nation’s biggest media group, said its first-quarter net income more than doubled, lifted by strong advertising volume as well as political advertisements during the election season.
The company posted a quarterly profit of P280 million, 138 percent higher than net earnings of P118 million in the same period last year.
This puts the company on track to achieve its P1-billion net profit target for 2007.
Operating income grew 38 percent to P532 million, which translated to an operating margin of 13 percent as against 10 percent in the same period last year.
Earnings before interest, taxes, depreciation and amortization (EBITDA) went up by 29 percent to P1.119 billion.
Gross revenue increased 8 percent to P4.183 billion, as gross airtime revenue grew by 20 percent to P2.717 billion.
The combined sale of services and sale of goods of subsidiaries also posted a 16 percent increase to P1.38 billion, driven by strong performance of ABS-CBN Global and ABS-CBN films.
As of end-March, ABS-CBN Global had 1.6 million viewers worldwide, up 18 percent from a year earlier.
Film revenue also rose 51 percent buoyed by robust ticket sales of ABS-CBN movies.
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