ABS-CBN posts flat earnings in 2014

MANILA, Philippines - Multimedia firm ABS-CBN Corp. posted flat growth in net earnings in 2014 amid a slight increase in revenues.

The firm told the local bourse yesterday its net income reached P2.030 billion last year, a little over the P2.028 billion in 2013.

The latest result was seen given the slight uptick posted in revenues which reached P33.54 billion last year compared to P33.38 billion in 2013.

As the firm has been implementing cost reduction initiatives, production costs declined 5.3 percent to P10.50 billion in 2014 from the previous year’s P11.09 billion.

The firm’s total assets stood at P67.2 billion last year, up from P58.3 billion a year ago.

In terms of total audience share nationwide, the firm claims a 44-percent share last year compared to 42 percent in 2013.

ABS-CBN also claims to account for a primetime viewing at 49 percent last year from 2013’s 47 percent.

ABS-CBN Group chief finance officer Ron Valdueza expressed confidence the company would deliver even stronger results this year.

“I am particularly excited about the prospects for our digital TV initiative – we already have over 200,000 ABS-CBN TVplus boxes in the market and should hit our initial target of one million set-up boxes by year-end,” he said.

Other initiatives, such as its shopping channel and educational theme park are likewise expected to support higher net earnings this year.

“Our O Shopping channel was profitable last year – its first full year of operations – while our educational theme park at the Fort Bonifacio Global City, KidZania, is expected to open for business this year,” Valdueza said.