ABS-CBN 2013 net profit up 25%

ABS-CBN Corporation ends 2013 with a 25% rise on its net income, partly boosted by election-related spending and rosy advertising spending from brand partners.Last year’s net income is at P33.4 billion, compared to P28.9 billion in the previous year. This is on the back of a 15% rise in net revenues P28.9 billion in 2012 to P33.4 billion.Costs and expenses rose at 11%, which brought in new businesses and improvements to ABS-CBN’s programming. Most notable of the network’s ventures is ABS-CBNmobile, which broke a telco duopoly long held by Smart Communications and Globe Telecom.ABS-CBN also revived its home shopping business in 2013 with the launch of O Shopping Channel, a P200 million joint venture with Korean shopping giant CJ O Shopping Corporation. It also entered the theme park business with the scheduled launch of KidZania in the first quarter of 2015.Other business milestones include The Filipino Channel’s (TFC) agreement with Orbit Showtime Network to reach an addition 50,000 viewers in the Middle East and new licensing deals with artist Mars Ravelo for TV shows and movies.Total assets rose to P57.99 billion from P51.3 billion in 2012, while its equity base rose from PHP19.4 billion in 2012 to PHP25.9 billion in 2013.According to Kantar Media, the top ten programs in 2013 for free-to-air television were all produced by ABS-CBN. Shifting to digital terrestrial television, the company is expecting to improve its audience share further with better reception of channel 2 in Mega Manila and Central Luzon.