ABS-CBN posts 17% growth in revenue for 2007

04/09/2008

Lopez-owned ABS-CBN Broadcasting Corp. yesterday said its consolidated revenues for the year 2007 increased by 17 percent to P19.9 billion.

In a disclosure to the Securities and Exchange Commission, ABS-CBN said the increased in their revenues were driven by the higher airtime revenues and sale of services. Airtime revenues grew 28 percent to P13.6 billion on the back of higher advertising rates and higher volume.

Also the company said its advertising volume in 2007 went up by nine percent, even as the industry as a whole saw advertising volume decline. Direct sales, which consist of both sale of services and sale of goods from subsidiaries, posted a 12-percent growth to P5.3 billion as ABS-CBN Global and ABS-CBN Films continued to deliver excellent business results.

ABS-CBN Global increased its subscriber base by 22 percent with international viewers now hovering at 1.7 million at the end of 2007. At the same time, ABS-CBN Films average receipts per movie rose 42 percent to P115 million, buoyed by movies that grossed more than P150 million, namely, Kasal, Kasali, Kasalo; Ang Cute ng Ina Mo; A Love Story; and One More Chance. Meanwhile, total net expenses went up 13 percent year-on-year to P17.6 billion as the company produced more in-house shows in 2007.

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