ABS-CBN 2007 net profits

ABS-CBN Broadcasting Corp. (ABS-CBN) made a net profit in 2007 of over P1.2 billion compared with the P740.55 million it earned a year before.

Eugenio L. Lopez III, chairman and chief executive officer, said the strong performance in 2007 was boosted by revenues from ABS-CBN Global, the company's international unit.

The company, he added, also booked a one-time gain from Sky Cable following ABS-CBN's purchase of the cable firm's debt at a discount.

"More than the net profit, I would like to highlight that our EBITDA (earnings before interest, taxes, depreciation and amortization) last year amounted to more than P4 billion," said Lopez. EBITDA is a measure of a company's operating cash flow.

The company is set to officially announce its 2007 financial results on April 8.

ABS-CBN is an integrated media and entertainment company and is principally involved in television and radio broadcasting, as well as the production of television programming for domestic and international audiences and other related businesses. Its shares are traded at the Philippine Stock Exchange,

It is involved in broadcasting, cable operation and other businesses in the country. ABS-CBN operates cable and satellite operations to bring television programming to countries such as the United States and other locations (Middle East, Europe, Japan, Australia, and Asia Pacific).

The company secured a P1.4-billion loan facility last year with Banco De Oro-EPCI, Inc., to retire a $31-million debt. The loan carried a five-year maturity period.

ABS-CBN took the opportunity to tap the facility due to prevailing favorable market conditions such as the strong peso and low interest rates. With the stable maturity rate, ABS-CBN will be able to further improve its cash flow position which will allow them to support its investment requirements.

Source: www.abs-cbnnews.com