(Update) ABS-CBN H1 net profit up 145%

ABS-CBN Broadcasting Corp., the country's largest media conglomerate, said on Tuesday its first-half net profit more than doubled from a year earlier due to cost-cutting efforts which offset flat growth in airtime revenue. The company, which is controlled by the Lopez group, said it had a first-half net income of P515.6 million versus P210.6 million a year ago. For the second quarter, net profit rose to P394.2 million from P343.5 million a year earlier. "The company is beginning to reap the benefits of cost cutting efforts initiated beginning 2005, including a 20 percent reduction in headcount and more controlled production cost spending," ABS-CBN said in a statement. Revenue in the first six months grew 7 percent year-on-year to P8.4 billion, driven by license fees which represent revenues from the ongoing migration of existing US direct-to-home subscribers to DirecTV's platform, as well as take up of new subscribers. But gross airtime revenues in the first half were nearly flat at P5.144 billion versus P5.103 billion a year earlier. - GMANews.TV