ABS-CBN’s 9-month Profits Reach P2.9 Billion on Record Revenues of P24.7 billion

Earnings of ABS-CBN Corp., the country’s largest multimedia conglomerate, more than doubled in the first 9 months of the year, thanks to higher regular advertising revenues.
The Lopez-owned firm reported that its net income for the January to September 2010 surged by 123% to P2.9 billion from P1.3 billion in the same period last year.
Consolidated revenues reached a record level of P24.7 billion, representing a 35% year on year growth. Advertising revenues accounted for the bulk or 68% of the total, while consumer sales contributed the remaining 32%. Read More...