MANILA - ABS-CBN Corp grew its profit by more than a fifth in the first nine months, fueled by strong regular advertising revenues as well as election-related ads earlier this year.
In a statement, the Lopez-led broadcasting company said its profit went up by 22 percent to P1.891 billion in the January to September period, from P1.555 billion in the same nine months last year.
Consolidated revenues of P25.227 billion from advertising and consumer sales had risen 16 percent from P21.79 billion last year.
Advertising revenues reached P14.773 billion, a growth of 20 percent from P12.33 billion a year ago.
Consumer sales amounted to P10.454 billion for an 11 percent increase from P9.46 billion in 2012.
SkyCable remains a major driver of growth, with revenues increasing by 21 percent year-on-year to P4.980 billion, after the Lopez-owned cable operator acquired rival Destiny Cable earlier this year.
Total costs and expenses increased by 15 percent to P22.749 billion brought about by higher production costs, cost of sales and services, and general and administrative expenses.
Capital expenditures and film and program rights acquisition cost the company P2.810 billion, 20 percent lower than P3.5 billion last year.
ABS-CBN said it led in national audience share and ratings for urban and rural audiences, with a prime-time audience share averaging 47 percent in the first nine months, a 16 percentage point lead over GMA, based on Kantar National TV Ratings.