MANILA-- ABS-CBN Corp. expects to rake in higher profits in the first quarter versus the same period last year, banking on an increase in regular or non-political ads amid a buoyant Philippine economy.
"The first three months will be significantly better than last year," Rolando Valdueza, chief financial officer at ABS-CBN, said in a briefing on Thursday.
The broadcast giant raked in a P306-million net income in the first quarter of last year, a big decline from the P976-million recorded in the previous year.
Valdueza said that for the first three months of 2013, revenues will be driven by regular or non-political ads due to the country's strong economy at present.
"Spending and consumption are up, reflective of the positive economic situation of our country," Valdueza pointed out.
Political and election-related ads, meanwhile, are expected to increase only after the first quarter, he noted.
The company has allocated about P5 billion for capital expenditures this year, and this would be spent on equipment, transmission facilities, film and program rights acquisition, and on the operations of unit SkyCable Corp., Valdueza said.
ABS-CBN saw its net income reach P1.708 billion last year, surpassing its P1.6-billion goal, but falling below the P2.42 billion recorded in 2011.