ABS-CBN DECLARES CASH DIVIDEND ON THE BACK OF GOOD EARNINGS!

MANILA -- ABS-CBN Corp. expects to rake in higher profits this year, buoyed by strong program ratings and consumer sales.

In a press conference on Tuesday, ABS-CBN Chief Financial Officer Rolando Valdueza said this year's net income will "be better" than 2012's.

"Well, if you look at our ratings, we're very strong so [earnings this year will be] driven by strong ratings and airtime," Valdueza said after the media conglomerate's annual stockholders' meeting.

"And we're also seeing excellent performance from our consumer sales driven by Star Cinema, Sky Cable, and even our Global [group]," he continued.

The company is also banking on the additional revenues from election-related ads to help buoy growth this year.

Valdueza, quoting analysts' prediction, said sales from political ads may reach P1 billion this year, although this figure is well-below what the firm raked in during the presidential elections in 2010 at almost P3 billion.

Last year, the Lopez-led firm saw its net income hit P1.708 billion, surpassing the company's P1.6-billion target due to higher advertising revenues and consumer sales.

Consolidated revenues last year climbed 13% to P31.7 billion from 2011 figures, while total operating and other costs went up 12% to P26.2 billion.

Valdueza noted the company's managed costs will also help in bring in more profit this year.

"We also continue to work and manage our costs--production costs in particular," he said.

The firm will be announcing its first quarter results on May 15, and Valdueza said profits are deemed better than what was posted in the same period last year.

ABS-CBN has set aside some P5 billion for capital expenditures this year.

The firm declared a cash dividend of P0.40 per share, payable to stockholders of record as of May 10, 2013. Payment will be made on June 6, 2013.

SOURCE