MANILA, Philippines - ABS-CBN Corp. has upgraded its full-year net income target to P1.6 billion from P1.3 billion, after nine-month earnings breached the previous goal.
"We're looking at a minimum target of P1.6 billion. We already hit our target of P1.3 billion," Ronaldo Valdueza, chief finance officer, said in a briefing on Wednesday.
Profits of the firm already reached P1.55 billion in the first three quarters of the year.
The level is 31% below the P2.24 billion net income recorded in the same period last year but excluding the P825 million one-time gain in 2011, earnings in the current year actually went up by 10%.
So far, revenues have been weak in October until the first week of November, Valdueza said.
"It started to pick up on the second week of November. Hopefully we can sustain this toward the end of the year," he said.
Moreover, the company expects election-related advertisements for the 2013 polls to help boost revenues in the fourth quarter.
"They have started to come in. Hopefully more will come in by next month or if not, in January of next year," Valdueza said.
The multi-media conglomerate is also looking at tapping debt and equity markets for additional funds to boost its growth.
However, this remain to be mere "options" at the moment, Valdueza clarified.
Last year, the firm booked P2.42 billion in net income, buoyed by a P1.1 billion gain in the sale of Sky Cable securities in the form of Philippine Depositary Receipts.
ABS-CBNnews.com is the news website of ABS-CBN Corp.