Media giant ABS-CBN posted a net income of 3.16B for the full year 2017.
ABS-CBN Corporation, the Philippines leading media and entertainment company has reported 40.7 billion in total revenue for the year 2017, making its net income to 3.16 billion.
According to Aldrin Cerrado, ABS-CBN’s Chief Financial Officer, the company’s revenue growth was boosted by 9% increase in consumer sales.
“Overall, we are pleased with our performance for 2017 and we are particularly happy to have exceeded our guidance for net income. Top line revenue growth, boosted by a healthy increase in consumer sales, was about 9%,” he said.
The increase was brought about by the increase in different subsidiaries and consumer products.
In 2017, sales of ABS-CBN’s digital terrestrial TV “ABS-CBN TV Plus”grew by more than 2 million boxes, bringing their sales to 4.3 million.
Another contributor was the stellar performance of ABS-CBN film outfit Star Cinema.
Star Cinema earned more than 4.9 billion ticket sales for 2017, the majority coming from its MMFF entry “The Revenger Squad” which generated a total of more than 600 million ticket sales.
SkyCable which added 4% growth in revenues. From P8.8 billion in 2016 SkyCable earned P9.1 billion in 2017 brought about by the 21% increase in broadband and DTH Subscribers.
Meanwhile, GMA Network according to its annual report has registered total earnings 15.3 billion pesos in 2017.
That is an 8% decline from its 2016’s total revenue of 17 billion pesos.
Its net income, on the other hand, was reported at 2.6 billion pesos, 30% lower than 2016’s 3.6 billion pesos.
Seeing these numbers, ABS-CBN clearly beats GMA in terms of total earnings, but with regards to their respective net incomes, ABS-CBN is not far away from rival GMA Network meaning ABS-CBN spent greater than GMA network.
ABOUT: By The Numbers is a weekly column written by Ron Mia (@rojan88 on Twitter, @akosirojan88 on IG, Ron.Mia on Facebook), a Blogger by night and Data Analyst by day.
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