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ABS-CBN reports P2.4 billion net income for 2011...

Quezon City, Philippines (April 13, 2011) – The consolidated net income of ABS-CBN Corporation ("ABS-CBN” or the "Company”) (PSE: BS, BSP), the country’s largest multimedia conglomerate, registered P2.4 billion for the full year 2011.
ABS-CBN generated consolidated revenues of P28.2 billion from advertising and consumer sales, a 13% decline compared to 2010. Less the revenues from political advocacies and advertisements in 2010, consolidated revenues for 2011 declined by 4% year-on-year.

ABS-CBN’s advertising revenues reached P17.6 billion, a decline of 19% from a year ago. Minus the revenues from political advocacies and advertisements in 2010, advertising revenues declined by 6% year-on-year. This decrease is attributable to a slowdown in advertising spending by corporates.

Consumer sales for 2011 amounted to P10.6 billion, posting a 1% increase from a year ago. Sky Cable continues to contribute positively with revenues increasing by 10% to P4.3 billion. This is mostly driven by the increased take up of its broadband service subscriptions which increased by 18% year-on-year. However, ABS-CBN Global revenues declined by 8% year on year in peso terms due to the decline in subscribers and the appreciation of the Philippine peso against the US dollar. ABS-CBN Global’s overall viewer count was almost flat compared to the previous year. There was subscriber growth in Canada, Asia-Pacific and Australia, while there were declines in the Middle East, Europe, North America and Japan.

Total operating and other expenses dropped by P1.1 billion or 5% year-on-year to P22.3 billion. This was partly a result of lower cost of sales and services and general and administrative expenses (GAEX) as the company continued its effort to manage and control expenses. The decline in both expense accounts partly offset the increase in total production costs due to the Company’s drive to produce quality and innovative programs.

Net income attributable to shareholders is at P2.4 billion, aided by a gain on sale of Sky Cable Philippine Depositary Receipts (PDRs) to the Singaporean company, STT Communications Ltd. Meanwhile, earnings before interest, taxes, depreciation and amortization (EBITDA) hit P6.8 billion.

Capital expenditure and film and program rights acquisition for the year amounted to P4.2 billion, 14% higher than the level of spending from the previous year. Additional equipment was purchased to increase the company’s capacity to produce additional new programs.

ABS-CBN maintained its national audience share and ratings leadership with prime-time audience share averaging 43% , with a 13 percentage point lead over GM’s, based on the Kantar National TV Ratings figure.

For the full year 2011, twenty one of the company’s shows were in the Top 20, with the following occupying the Top 18 slots: Emil Cruz Jr.’s Mara Clara, 100 Days to Heaven, PabloS. Gomez’s Mutya, Minsan Lang Kita Iibigin, Ikaw ay Pag-ibig, Budoy, Maalaala Mo Kaya~, Noah, Pilipinas Got Talent (Sun), TV Patrol, Guns and Roses, Pilipinas Got Talent (Sat), My Binondo Girl, Imortal, Rated K Handa Na Ba Kayo ?,Junior Master Chef Pinoy Edition (Sat), Wansapanataym, Nasaan Ka Elisa?, and Maria La Del Barrio.

ABS-CBN Film Productions, Inc. released sixteen films in 2011. Five of them–Ang Tan ging Ina Mo Last Na To, Dalaw, Catch Me I’m in Love, In The Name of Love, No Other Woman and Praybeyt Benjamin–topped P100 million in box office receipts, earning blockbuster status by local standards. No Other Woman, a co-production with Viva Films, grossed P282 million, while Praybeyt Benjamin, also a co-production with Viva, grossed P342 million.

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"ABS-CBN reports P2.4 billion net income for 2011" was written by Mary under the Business category. It has been read 1654 times and generated 0 comments. The article was created on and updated on 14 April 2012.
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