ABS-CBN Corp. on Wednesday said net income rose 53 percent in the first nine months of the year on higher advertising revenues.
The media and entertainment company owned by the Lopez Group said net income amounted to P2.26 billion in the first nine months of the year from P1.48 billion year-on-year.
ABS-CBN generated consolidated revenues of P32 billion from advertising and consumer sales, up 8.6 percent on year.
Advertising revenues increased 15 percent, attributable to both political placements and growth in regular advertising. Excluding political placements, regular advertising rose by 5.6 percent on year.
Consumer sales increased P302 million mainly resulting from higher TVPlus Boxes sold and higher subscription revenues from Sky Cable.