ABS-CBN reports net income of P3.16B for 2017

MANILA, Philippines - ABS-CBN Corporation, the country’s leading media and entertainment company, reported P40.7 billion in consolidated revenue for 2017, bringing its net income to P3.16 billion.

ABS-CBN reports net income of P3.16B for 2017
L-R: ABS-CBN Chief Financial Officer (CFO) Aldrin Cerrado, ABS-CBN Finance Head for Broadcast and INCA Catherine Lopez,ABS-CBN Group CFO Ron Valdueza, ABS-CBN Head of Comptrollership Lorraine Atienza and ABS-CBN Head of Treasury Ricardo Tan, Jr.

“Overall, we are pleased with our performance for 2017 and we are particularly happy to have exceeded our guidance for net income,” said ABS-CBN Chief Financial Officer Aldrin Cerrado. “Top line revenue growth, boosted by a healthy increase in consumer sales, was about 9%.”

ABS-CBN adopted the cost per individual rating point pricing (CPIRP) scheme in 2015, which rewards the company for an increase in ratings. After a banner year in 2016, ABS-CBN continued to deliver strong ratings performance in 2017 with “FPJ’s Ang Probinsyano” at 38.6% followed by “Your Face Sounds Familiar Kids” at 36.4% and “The Voice Teens” at 34.9%.

Based on Kantar Media national TV ratings covering both urban and rural homes, the top 10 programs for 2017 for free-to-air television were all produced by ABS-CBN with “FPJ’s Ang Probinsyano” consistently topping all programs.

“In 2017, we maintained our leadership in national audience share, and we improved our average ratings in both Mega Manila, from 34% to 37%, and Metro Manila, from 37% to 41%. This is even more important now that, with CPIRP, improved ratings directly translate to increased revenues,” said Cerrado. “At the same time, we have continued to implement cost efficiency measures which have enabled us to keep costs within manageable levels.”

As a result, the total costs and expenses for 2017 were flat compared to the previous year. ABS-CBN was also successful in its continuing efforts to control production costs, with a 2% reduction on a cost per hour basis.

Total assets rose to P75.1 billion as of the end of December 2017 compared to P72.7 billion in 2016. The company’s equity base increased from P31.7 billion to P33.7 billion as of the end of December 2017.

The company saw record sales of its Digital Terrestrial Television (DTT) “ABS-CBN TVPlus” boxes which offer customers six channels from ABS-CBN, namely: Channel 2; ABS-CBN Sports and Action; Cinemo; Yey!; Knowledge Channel; and DZMM Teleradyo. ABS-CBN Group CFO Ron Valdueza said, “Our target was to sell 1.5 million ABS-CBN TVPlus boxes in 2017 which would have brought our total box sales to about 3.8 million by year-end. I am pleased to announce that our DTT team actually sold over two million boxes, bringing our total box sales to 4.3 million as of December 2017. By the end of this year, we hope to breach the six million mark,” added Valdueza.

He added, “Our subsidiaries also made significant contributions to our revenue growth.”

“Star Cinema generated over P2.9 billion in ticket sales both here and abroad. Our movie, “The Revenger Squad’, which was released last December, brought in almost P600 million in ticket sales.”

SkyCable saw a 4% growth in revenues, from P8.8 billion in 2016 to P9.1 billion in 2017, driven by a 21% increase in broadband and DTH Subscribers. By year-end, the company had over one million PayTV subscribers and more than 200,000 broadband subscribers, bringing Sky’s total subscriber base to over 1.2 million.

Consistent with the company’s vision of bringing the ABS-CBN experience closer to our audiences, ABS-CBN Global staged “ASAP Toronto” in Canada. Our Kapamilya Talents entertained over 7,000 people during the four-hour show. The Filipino Channel (TFC) is now being watched by over three million Filipinos abroad.

Kidzania, the company’s educational theme park, has attracted over 330,000 visitors for 2017, while its TV shopping channel O Shopping generated P840 million in sales.

— The Summit Express

Previous Post Next Post