MULTIMEDIA conglomerate ABS-CBN Corp. booked a 5.8-percent increase in its net income for the first quarter of 2015, owing to the increasing efficiencies in its operations.
The company’s net income was at P569 million as of end-March, up from the P538 million recorded during the same period the year prior.
Revenues rose to P8.4 billion from P8.2 billion, while total costs grew to P7.6 billion from P7.4 billion.
“I am very pleased with our performance for the first quarter,” Aldrin M. Cerrado, the company’s CFO, said on late Thursday. “Advertising revenue growth has been robust and should accelerate over the coming months.”
He added, “We managed to reduce our production costs by 3.4 percent for the first three months of 2015 versus the comparable period last year, from P2.7 billion to P2.6 billion.”
ABS-CBN’s global operations also continued to expand its viewership, reaching 2.9 million Filipinos worldwide.
“We have finally begun to move the country into the digital-TV era. ABS-CBN TV Plus, which we launched in mid-February, is now being enjoyed by more than 300,000 households in Mega Manila, North Luzon and Cebu,” ABS-CBN Group CFO Rolando P. Valdueza said.
ABS-CBN TV Plus gives viewers clear digital signal on ABS-CBN and ABS-CBN Sports + Action, plus four exclusive channels, namely, DZMM TeleRadyo, Knowledge Channel, children’s entertainment channel Yey and the 24-hour movie channel CineMo.
Many households were able to watch the recent Pacquiao-Mayweather bout live through the pay-per-view option on their TV Plus boxes.
“We should reach a million households by year-end and expand our coverage to the Visayas-Mindanao area,” Valdueza said.
Shares of ABS-CBN inched up by 0.32 percent to close at P62.2 apiece on Thursday.