MANILA, MAY 15. 2013 – ABS-CBN Corporation reported a 68% increase to PhP508 million in net increase for the first quarter, fueled by "strong regular advertising revenues and election-related ads".
Consolidated revenues were up 21% to PhP7.9 billion with profits from consumer sales up 18% to PhP3.5 billion. In the first three months, the Kapamilya Network made P300 million in election-related ads alone, adding to the 22% jump (to PhP4.4 billion) in total earnings from advertisements. Profits from election-related ads that appeared in April and May will be included in the second quarter report.
Its Sky Cable continued to be a "major driver of growth" in the first quarter with revenues registering a 43% rise to PhP1.6 billion.
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