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ABS-CBN Corporation posts P927 million net income in the 1st half of 2012...

Quezon City, Philippines (August 13, 2012) – The consolidated net income of ABS-CBN Corporation ("ABS-CBN” or the "Company”) (PSE: BS, BSP), the country’s largest multimedia conglomerate, registered P927 million for the first half of 2012, down by 45% compared with P1.677 billion in the same period last year. Removing the effects of the gain from the sale of Sky Cable PDRs recognized in the first half of 2011 amounting to P674 million, net income decreased by 8%.
ABS-CBN generated consolidated revenues of P15.3 billion from advertising and consumer sales for the first six months, a 9% increase compared to the same period last year.

ABS-CBN’s advertising revenues reached P9.2 billion in the first six months of the year, an increase of 5% from a year ago. Consumer sales for the first half of the year amounted to P6.1 billion, posting a 17% increase from a year ago. Sky Cable continues to be a major driver of growth with revenues increasing by 22% to P2.5 billion. The growth in revenues is partly attributable to the acquisition of Destiny Cable. ABS-CBN Global revenues was flat with a 1% increase in overall viewer count compared to the previous year. There was double-digit subscriber growth in Canada and single digit growth in all other territories, except Japan and Europe where subscribers declined.

Total operating and other expenses increased by 12% year-on-year to P12.5 billion brought about by increases in production costs, cost of sales and services , and general and administrative expenses.

Capital expenditure and film and program rights acquisition for the first six months amounted to P2.4 billion, 14% higher than the level of spending for the same period last year.

ABS-CBN maintained its national audience share and ratings leadership for Urban audiences with prime-time audience share averaging 43% in the second quarter of 2012, a 14 percentage point lead over GM’s, based on the Kantar National TV Ratings. In June, BS-CBN’s audience share for Total Philippines (Urban +Rural) and Total Day was at 42%, a 10 percentage point lead over GMA.

For June 2012, 16 of the company’s shows were in the Top 20 for Total Philippines (Urban and Rural), with the following occupying the Top 10 slots: Walang Hanggan, Princess & I, Maalaala Mo Kaya, Wansapanataym, TV Patrol (Weekday), The X Factor Philippines (Saturday), Rated K Handa Na Ba Kayo?, Dahil Sa Pag-ibig and Kapamilya Deal or No Deal.

ABS-CBN Film Productions, Inc. released 8 films in the first six months of 2012. Four of them– Enteng ng Ina Mo, Segunda Mano, Unofficially Yours and Kimmy Dora and the Temple of Kiyeme –topped P100 million in box office receipts, earning blockbuster status by local standards.

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About ABS-CBN Corporation

ABS-CBN Corporation is the leading Philippine entertainment and information multimedia conglomerate. In the Philippines, ABS-CBN produces a wide variety of engaging world-class entertainment programs in several genres and balanced credible news programs that are aired on free-to-air TV via Channels 2 (VHF) and 23 (UHF) and a regional network of TV and radio stations nationwide. It also provides news and entertainment programming for nine channels on cable TV. The Company owns the leading film and music production and distribution outfit in the Philippines, and has interests in cable TV, Internet and mobile services, and glossy-magazine publishing. It brings its content to worldwide audiences via cable, satellite and the Internet, primarily through ABS-CBN Global’s The Filipino Channel (TFC).
 

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"ABS-CBN Corporation posts P927 million net income in the 1st half of 2012" was written by Mary under the Business category. It has been read 1781 times and generated 0 comments. The article was created on and updated on 13 August 2012.
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