ABS-CBN 2007 profit up 71% at P1.27B

MANILA, Philippines- Profit at ABS-CBN Broadcasting Network rose 71 percent to P1.27 billion in 2007, the company said in a statement. The network, which is part of the Lopez group of companies, said its earnings before interest, taxes, depreciation, and amortization exceeded P 4 billion in 2007. "This was achieved despite another year of a downturn in the TV advertising industry manifested in lower TV advertising minutes," the firm said. - GMANews.TV