IBC-13 Reports P16.4-B First Half Revenues, On Track to Meet Full-Year Targets

August 14, 2014

Intercontinental Broadcasting Corporation (IBC) whose also known as Ito'ng Bagong Company and the TV station Ito'ng Bagong Channel 13 reported PHP16.4 billion consolidated revenues for the first half of 2014, bringing its net income to PHP555 million, around 35% higher compared to the same period last year after removing the effect of election-related ad spending.

L-R: Eric Canoy - Chairman, Freddie M. Garcia, - Vice Chairman, Boots Anson-Roa - President and CEO, Lito Ocampo Cruz - EVP, Dave Fugoso - Finance Manager/CFO Jose Avellana Jr. - COO.

The company reported steady second quarter revenues of PHP3.2 billion – almost identical to the revenues generated during the first quarter of this year.

“I am pleased with our overall performance for the first half of the year, and I am confident that we will be able to achieve our full-year financial targets,” said Dave Fugoso, the company’s Chief Financial Officer. “Channel 13 continues to dominate strongly in terms of national audience shares and ratings, IBC Films’ performance at the box office was excellent, and Skycable has grown both its cable and broadband businesses,” added Fugoso

“Our Global business has been solid, and we have been able to reach our fellow Kapinoy overseas through events such as Ito'ng Bagong Channel 13 mall tour and world tour in various countries.”

The company reported that its costs and expenses were lower compared to the same period last year, while total assets rose to PHP50.9 billion as of the end of June 2014 from PHP20.1 billion as of end last year. Its equity base rose to PHP13.6 billion from PHP14.7 billion in 2013.

Rey Sanchez, Head of Channel 13 stated: “We looking forward to sustaining our performance throughout the second half of the year. The results of our initiatives on both the revenue and expense side have been positive, and we should be able to deliver a marked improvement in our margins over the coming years.”

“IBC Mobile subscriber acquisition numbers are very encouraging. Our generating over PHP1 million in daily sales and is expected to be profitable this year,” added Valdueza.

According to Kantar Media/TNS Philippines and AGB Nielsen, the top 35 programs for the first half in 2014 for free-to-air television were all produced by IBC-13. The company hopes to further boost its audience share once it improves the reception of channel 13 in the Mega Manila area and Central Luzon. This should be achieved through IBC-13’s transition to digital terrestrial television.