ABS-CBN says Q1 profit rose 138% to P280M

ABS- CBN Broadcasting Corp. on Thursday reported that its net income for the first quarter of 2007 more than doubled year-on-year to P280 million, on the back of greater revenue from political advertisements during the election season. In a statement, the company said its net income for the period is 138 percent higher the P118-million profit it posted in the first quarter of 2006. Gross airtime revenues rose 20 percent to P2.7 billion. GMANews.TV is the official website of GMA News and Public Affairs, a unit of ABS-CBN rival company GMA Network Inc. - GMANews.TV