ABS-CBN TARGETS P3-B NET INCOME FOR 2011!

MANILA, Philippines - Earnings of ABS-CBN Corp., the country's biggest media conglomerate, may reach P3 billion this year, its top official said on Wednesday.

At the sidelines of the company's stockholders meeting, ABS-CBN Chairman and CEO Eugenio Lopez III said that profits exceeded the P3-billion target in 2010, mostly on the back of election-related spending.

However, Lopez said revenues are expected to fall this year, even as ABS-CBN raises advertising rates.

"Certainly, in the first quarter, there will be a drop in the revenues vis-à-vis the political revenues that were there last year. The first quarter last year, we had more than P2 billion worth of revenues," he said.

"We won't be able to make up [for] that P2 billion, but I think there is a significant and healthy growth in our overall business without the political minutes," he added.

Despite the expected drop in revenues, ABS-CBN's big boss said the company's earnings will be helped by a not-yet-completed transaction.

"There are several events that are occurring, that we are not at liberty to discuss today, that will result in significant impact on our profitability. At the proper time, we will say what these are," said Lopez. - With report from ANC.

ABS-CBNNEWS.COM