ABS-CBN Broadcasting Corporation expects a “blockbuster” year with net income seen to double to P3.4 billion, up from the earlier projection of P2 billion, from P1.7 billion in 2009.

In an interview after the firm’s annual stockholders’ meeting Thursday, ABS-CBN chairman Eugenio Lopez III said growth is coming from strong ad revenues both from political ads as well as traditional advertisers.

He said ad revenues are posting a strong recovery this year, with traditional ad revenues alone rising 34 percent in the first quarter while political ads amounted to P2.3 billion from January to May.

“The second quarter will even be better than the first quarter,” Lopez said adding that total ad revenues amounted to about P2 billion in April and “about the same” in May.

He noted that revenues are significantly higher due to the growing economy and rising consumer confidence which is prompting manufacturers to advertise more.

“We expect the second half to continue with the trend set in the first half,” said Lopez noting that while ads tend to taper in June, they have yet to see any weakening of reservations for June this year.

Ad revenues are expected to account for 55 percent of revenues this year while the balance will mostly be from consumer sales such as cable television subscriptions in the Philippines and overseas.

“We are also seeing good numbers for pay TV,” said Lopez adding that pay TV is posting 15 to 20 percent growth and “looks very good.”

ABS-CBN chief finance officer Rolando Valdueza said earlier that higher profits will come on the back of the growth in advertising revenues which is seen to hit P15 billion from less than P14 billion last year.