ABS-CBN CorporationABS-CBN Corporation reported P41.6 billion in consolidated revenue for 2016, bringing its net income to P3.5 billion, 39% higher than the P2.5 billion reported in 2015.

“We are very pleased to have exceeded our earnings guidance for 2016,” said ABS-CBN chief financial officer (CFO) Aldrin Cerrado. “Full year growth in advertising revenues, boosted by election-related spending, was about 11%.”

ABS-CBN adopted the cost per individual rating point pricing or CPIRP scheme in 2015, which rewards the company for an increase in ratings. The year 2016 was its first full year of implementation.

“Our continued strong leadership in national audience share was also a key contributor to our record performance because improved ratings now translate to increased revenues,” said Cerrado. “We have also been able to manage our costs and expenses efficiently.”

Based on Kantar Media national TV ratings covering both urban and rural homes, the top 10 programs for 2016 for freeto-air television were all produced by ABS-CBN.

The company’s rollout of its digital terrestrial television or DTT helped boost audience share with over 2.3 million boxes sold as of the end of December 2016.

Cost and expenses were up only 6% last year. In particular, ABS-CBN reduced expenses by about 4% on a per-hour basis compared to 2015.

Total assets rose to P72.7 billion as of end-December 2016 compared to P69.9 billion in 2015. The company’s equity base increased to P31.7 billion as of the end of December 2016.

ABS-CBN Group CFO Ron Valdueza said: “We are also extremely happy with the performance of our subsidiaries last year. The healthy growth in our advertising revenues coupled with the accomplishments of our different business units enabled us to deliver record earnings performance for ABS-CBN.”