ABS-CBN on track to meet 2017 profit goal
ABS-CBN Corp. expects to end the year with net earnings of nearly P3 billion despite a 20 percent drop in profit in the first nine months.
The Lopez-led media conglomerate saw its net income decline to P2.3 billion from P2.85 billion a year ago as advertising revenues fell three percent to P15.3 billion.
The broadcasting firm, however, remains confident it can hit its profit guidance of between P2.7 billion and P3 billion this year.
“Were already at P2.3 billion. So we are looking to hit something closer to P3 billion,” ABS-CBN Chief Financial Officer Aldrin Cerrado said.
ABS-CBN expects advertising revenues to bounce back in the fourth quarter. It is also banking on the strong demand for its TVplus digital boxes and increased Sky’s direct-to-home and broadband subscription revenues.
The company sold over 3.6 million digital boxes as of the end of September.