ABS-CBN’s Net Profit Jumps 71% in 2007

ABS-CBN Broadcasting Corp. marked a 71 percent increase in net profit to 1.27 billion pesos for 2007 according to reports.

Earnings before interest, tax, depreciation and amortization exceeded 4 billion pesos, the company said in a statement.

“This was achieved despite another year of a downturn in the TV advertising industry, manifested in lower TV advertising minutes,” the company said.

Earlier, biggest rival GMA Network Inc. reported a 19 percent increase in net profit in 2007 to 2.33 billion pesos, with revenue growing 9 percent to 12 billion pesos.

Both stations are also into movie and music recording productions.