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MANILA, Philippines – One of the Philippines’ largest television networks, ABS-CBN Corp., reports a 50 percent increase in its nine-month net earnings until September this year.
The television network’s Chief Financial Officer, Aldrin Cerrado, stated that their net income is valued at P2.85 billion from January to September.
The costs and expenses of the corporation are valued at P26.97 billion, an eight percent increase.
The company’s year-end forecast of its earnings is expected to be met, added by Cerrado. The predicted revenue by year-end is between P3.2 billion to P3.5 billion, which surpassed its net income last year of P2.5 billion.
The television network’s Chief Financial Officer, Ron Valdueza, stated that the company is traversing the right way to achieving goal of net earnings for 2016.
Cerrado stated that the company uses Cost Per Individual Rating Point Pricing (CPIRP) scheme, which will help with its goal.
The increase in the company’s net earnings is driven by its higher revenues. The profit comes from strong advertising spending for the past election and primetime shows’ highest ratings.
The TV network’s “FPJ Ang Probinsyano” is maintaining its number one spot among free-to-air television primetime shows. The network also has nine more programs that cover urban and rural homes, cited by Kantar Media’s data.
Apart from its primetime shows, Digital Terrestrial Television or DTT boosted share of audience. By the end of September, more than 1.6 million ABS-CBN TVplus boxes were sold.
Moreover, Direct-to-Home Pay TV Service by the company brought more than 70,000 subscribers last May. The TV service is under the brand SkyDirect.
During the beginning of 2016, the company educational theme park named Kidzania, had more than 200,000 visitors.
Additionally, for the first nine months of the year, O Shopping Channel also delivered sales of P612 million.
On Friday, the company’s shares closed at P46.60, which is a decline by 1.59 percent.