EXCLUDING ELECTION RELATED ITEMS, ABS-CBN REPORTS 42% JUMP IN PROFIT!

MANILA - Multimedia conglomerate ABS-CBN Corp. posted a net income of P2.030 billion in 2014, meeting its profit guidance of P2 billion.

ABS-CBN Corp. chief financial officer Aldrin Cerrado said last year's net income was slightly higher than 2013's P2.028 billion.

"We're happy to announce that we hit our profit guidance of P2 billion in terms of net income," Cerrado said at the ABS-CBN investors' briefing on Thursday.

Comparing last year's net income to 2013 without revenues from election-related advertising, the Lopez-led firm saw profit growth of 42 percent to P2.030 billion from P1.4 billion.

Excluding election-related spending, revenues went up 4.6 percent in 2014.

Cerrado said the firm was able to bring down production costs by 4.3 percent.

"Production costs significantly refer to the production cost of channel 2 operations, all the teleseryes, we are now able to produce them at a lower cost compared to the previous year," he said.

SOURCE