MANILA - ABS-CBN Corp., the country's largest media and entertainment company, said Wednesday net income in the first six months of the year grew 76 percent as its ratings dominance boosted revenues.
Net income in the January to June period reached P2.1 billion, the company said in a statement. Revenues in the second quarter rose 20 percent to P11.2 billion.
The network said it led its rivals, producing the 15 highest-rated shows for the six-month period. The police drama "Ang Probinsyano," starring Coco Martin, is the consistent top-rater.
"The improvement in our ratings, coupled with the newly implemented cost per individual rating point pricing scheme, contributed to the increase in our advertising revenues," said ABS-CBN chief financial officer Aldrin Cerrado.
With the strong first half results, ABS-CBN was on track to meet its profit guidance for the year, group CFO Ron Valdueza said.
The company's digital television service continued to grow with over 1.3 million TV Plus boxes sold as of June. Sky Broadband grew its subscribers by 47 percent to 169,000, the company said.
The company's KidZania theme park had 65 open establishments and 150,000 visitors since the start of the year. The O Shopping Network generates daily sales of over P2.2 million, it said.
Earlier Wednesday, ABS-CBN President Carlo L. Katigbak said the company was opening an "experience store" as it grows its consumer business.
source : News.abs-cbn.com is the official news website of ABS-CBN Corp.
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