MEDIA and telecommunications company Cignal TV, Inc. is on track to hitting P1 billion in profit after a “magnificent” performance in the first half of the year, its chairman said.
“Cignal is in danger of hitting P1- billion profit for the year,” Cignal TV Chairman Manuel V. Pangilinan told The Chiefs segment on Cignal TV’s One News Channel on Monday.
“That’s magnificent… [and that’s] partly because [ABS-CBN group’s] SKY Direct was shut down, so that helped their subscriber base,” he added.
Mr. Pangilinan said Cignal’s profit for the first half was P510 million, up 608.3% from P72 million in the same period in 2020.
“Their EBITDA (earnings before interest, tax, depreciation, and amortization) was close to P2 billion,” he noted.
“I think that puts Cignal in a position to help TV5 [grow] without much help from PLDT.”
Mr. Pangilinan also said TV5 is showing “improved ratings across the board.”
Cignal TV is a subsidiary of MediaQuest Holdings, the media arm of the PLDT Group. BusinessWorld is likewise a subsidiary of MediaQuest Holdings through the Star Group of Companies. — Arjay L. Balinbin