Aug 10
17
ABS-CBN Posts Record Profit Growth
ABS-CBN is a corporate giant in the Philippines. This is good news for the Philippine economy. They also operate a successful foundation. It’s also good news for my wife that they won’t be going out of business any time soon. She watches their programs religiously via the internet!
MANILA, Philippines (Xinhua) – ABS-CBN Broadcasting Corp., the Philippines biggest media conglomerate, posted an all time high profit of P2.27 billion ($50.6 million) in the first six months of the year.
In a disclosure issued today, the company reported that the earnings in the first half is 179 percent more than the net income posted during the same period last year.
“At this level, it looks like the P3 billion ($66.8 million) net income (for the whole year of 2010) is within reach,” ABS-CBN chief financial officer Rolando Valdueza said. Read the rest of the story here.
