ABS-CBN net income down 20% to P2.26 billion in 1st 9 months

But the media conglomerate's net income for the 3rd quarter of the year stands at P1.01 billion, up 38% from the same quarter last year

Lopez-led media conglomerate ABS-CBN Corporation saw its net income drop by 20% year-on-year through the 1st 9 months of 2017 in the absence of national elections to boost advertising sales.

In a disclosure to the Philippine Stock Exchange on Friday, November 10, ABS-CBN reported a net income of P2.26 billion for the January to September period of the year, compared to the P2.84 billion in the same period last year.

The media conglomerate's net income for the 3rd quarter of 2017, however, stood at P1.01 billion, up 38% from the same quarter last year which was also not boosted by elections.

"Advertising revenues picked up during the 3rd quarter and we are optimistic that we will be able to sustain the momentum until the end of the year to hit our full-year net income target of between P2.7 billion [and] P3 billion," said ABS-CBN chief financial officer Aldrin Cerrado in a statement.

Year-to-date, the firm's consolidated revenue stands at P29.5 billion, with advertising revenue accounting for P15.3 billion, down by 3% from the P15.8 billion net of election-related spending which was registered during the same period last year.

ABS-CBN noted, however, that this was tempered by an 11% increase in consumer sales to P14.2 billion over the same period, driven by demand for ABS-CBN TVplus digital boxes and an increase in Sky Cable's Direct-to-Home (DTH) and broadband subscription revenues.

For the period, Sky Cable's revenues grew by 7% to P6.8 billion from P6.4 billion over the same period last year, attributed to the growing number of its broadband and DTH subscribers.

Star Cinema, meanwhile, generated close to P1.5 billion in gross receipts from movies produced from January to September. It highlighted that one of its films, Finally Found Someone, brought in more than P300 million in ticket sales from its Philippine run and international screenings.

Kidzania, ABS-CBN's educational theme park, earned P324 million in revenues from over 224,000 visitors since the beginning of the year. ABS-CBN said it expects more visitors in the coming months as the holiday season approaches.

The firm also noted that total costs and expenses implemented were flat at P26.8 billion due to cost control measures since 2017 began.

As of end-September, ABS-CBN's total assets amounted to P72.9 billion, while equity stood at P33 billion.

Chinese railway consultant briefs PH on Bicol Express design

Officials of the China Railway Design Corporation (CRDC) briefed officials of the Philippines government regarding the design of Philippine National Railways (PNR) South Long Haul also being referred as Bicol Express.

CRDC, according to its company profile, is a large-scale integrated survey and design consultant enterprise of China. The core business of CRDC covers planning, survey and design, engineering general contracting, engineering consultant and project management of railway, urban rail transit, integrated transport terminal, highway, municipal engineering and other areas.

Transportation Secretary Art Tugade, Public Works Secretary Mark Villar, NEDA Secretary Ernie Pernia and BCDA President & CEO Vince Dizon attended the briefing at the DOTr office in Clark.

PNR South Long Haul project will be funded by Chinese official development assistance (ODA) loan. It is 581 kilometers line to Sorsogon which will terminate at the Port of Manila — via FTI in Taguig—through a connecting third track.

Meanwhile, 72-kilometer PNR South Commuter which will run from Tutuban in Manila to Junction station in Los Baños, Laguna is also in the pipeline. This will be funded by Japanese ODA loan and will be interconnected to Japan-funded PNR North (Tutuban to Clark).

MPIC profit jumps 22% in 9 months

Metro Pacific Investments Corp., the infrastructure and tollways conglomerate led  by Manuel V. Pangilinan, reported a 17 percent jump in net income to P11.1 billion.

Core net income grew 22 percent  to P11.3 billion.

Pangilinan expects core earnings to rise to a record P13.8 billion by the end of the year.

MPIC president and CEO Jose Ma. K. Lim attributed the firm’s strong performance to an expanded power portfolio through increased investment in Beacon Electric Asset Holdings Inc., robust traffic growth on all roads held by Metro Pacific Tollways Corp., and continuing growth in the hospital group.

In terms of contribution to the company’s net operating income, MPIC’s power business accounted for the biggest share at P7.6 billion or 54 percent, while the tollroads contributed P3 billion or 21 percent of the total.

Water distribution and production added P2.8 billion or 20 percent of the total.

The hospital group provided P518 million or four percent, while the rail logistics and systems group delivered P173 million or one percent of the total.

Non-recurring expense amounted to P202 million.  This comprised refinancing expenses, project expenses and a separation expense as a result of Maynilad’s redundancy program, largely offset by a realized gain on sale of shares in Manila Electric Co. (Meralco).

Moving forward, Pangilinan said the company would continue its mission to build and operate well-run infrastructure offering good value for customers.

“Our commitment to partnership with the government and serving the public has been demonstrated again, this time by our willingness to take on the urgent challenges of the MRT-3. Furthermore, the increased momentum of our tollroads business in launching new transformational projects is visible to all,” he said.

http://www.philstar.com/business/2017/11/09/1756967/mpic-profit-jumps-22-9-months