PHILIPPINES, AUGUST 11, 2010 – ABS-CBN Broadcasting Corp. announced yesterday a record P2.265-billion net income in the first half of the year, reports the Philippine Star.
Buoyed by political advertisement and strong consumer sales, the media conglomerate exceeded its P2-billion profit in 2000, previously the highest posted in the company’s history.
Advertising revenues made up 68 percent, or P11.5 billion, of total revenues. Total advertising minutes also rose 42 percent as the network kept its lead in TV ratings nationwide.
Consumer sales increased eight percent due mainly to double-digit increases in subscribers of ABS-CBN Global and Skycable.
Charles Gamo, ABS-CBN investor relations and corporate planning head, said that the network reclaimed its leadership in Metro Manila and has edged rival GMA 7 in advertising minutes since March, according to Nielsen Media Research.
Shares of ABS-CBN closed at P52.50, continuing an eight-day run at the Philippine Stock Exchange.
