MANILA -- ABS-CBN Corp.'s consolidated net income amounted to P1.708 billion in 2012, breaching the company's P1.6-billion target amid growth in advertising revenues and consumer sales.
However, the 2012 net income is below the P2.420 billion consolidated net income in 2011, the Lopez-led multimedia conglomerate said in a statement on Thursday.
But removing the one-time gain from the sale of investments in 2011, recurring net income of the company jumped 23% last year, ABS-CBN said.
The firm saw its consolidated revenues from advertising and consumer sales climb 13% to P31.7 billion in 2012 from the previous year.
ABS-CBN said revenues from advertising went up 8% to P19.1 billion, while profits from consumer sales rose 19% to P12.7 billion.
Total operating and other costs of the company, meanwhile, grew 12% to P26.2 billion due to an uptick in production expenses, cost of sales and services, and general and administrative expenses.
The firm spent P4.9 billion last year on capital expenditure and film and program rights acquisition.