ABS Income Dips

Lopez-led ABS-CBN Corp. (ABS) saw its net income dip by 29% to Php1.71 billion in 2012 in the absence of a one-time gain similar to the one booked in 2011. However, consolidated revenues stood at Php31.7 billion, 13% higher than the previous year. The growth in revenues was driven by advertising revenues, consumer sales, and revenues from SKY Cable which grew by 8%, 19%, and 32%, respectively.

Also, the acquisition of its rival, Destiny Cable, last May 2012 partly contributed to the growth of revenues in 2012.

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Real-estate firm Filinvest Land Inc. (FLI) will increase its capital expenditures this year by 33% to Php20 billion from Php15 billion in 2012. FLI aims to spend the amount to sustain its growth, particularly in the residential segment.

Around Php10 billion of the 2013 capex will be for residential project developments, which spurred a double-digit growth for the firm in 2012, and Php7 billion for the construction of malls and office buildings, while the remaining Php3 billion will be for landbanking activities.

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