ABS-CBN 2010 Profit Exceeds 3 Billion Pesos, Sales May Drop
ABS-CBN Broadcasting Corp., the Philippines’ largest broadcaster, exceeded its 3 billion pesos ($69 million) profit target last year.
“Our target for 2011 is to match 2010,” Chief Financial Officer Rolando Valdueza told reporters in Manila today. Net income in 2009 was 1.7 billion pesos.
First-quarter revenue may drop from a year earlier in the absence of political advertisements which boosted earnings in early 2010, Lopez said. “We expect our other businesses to achieve growth for this year,” said Valdueza. “Overall, we see some growth.”
ABS-CBN shares fell 2.8 percent to 43.50 pesos at the noon close in Manila, declining the most since March 2.
To contact the reporter on this story: Karl Lester M. Yap in Manila at kyap5@bloomberg.net; Cecilia Yap in Manila at cyap19@bloomberg.net
To contact the editor responsible for this story: Rebecca Evans at revans6@bloomberg.net
Rate this Page