ABS-CBN income falls 24% to P2.4 B, posts one-time gain of P1.1 B

ABS-CBN Corp. disclosed Friday to the investing public that its net income fell 24 percent to P2.4 billion last year from P3.178 billion in 2010 sans political ads and “a slowdown in advertising spending by corporates.”

 

Some P1.1 billion of the 2011 net income came from a one-time gain on the sale of Sky Cable Philippine Depositary Receipts to STT Communications Ltd. in Singapore.

 

“Removing the effects of this one-time gain in 2011 and P3.1 billion revenues generated from political advocacies and political advertisements in 2010, net income would still be down by 21 percent year-on-year,” the listed media firm said in a statement.

 

ABS-CBN raked in P28.2 billion in advertising revenues and consumer sales

 

“Consolidated advertising revenues across all platforms and subsidiaries declined by 19 percent to P17.6 billion. However, minus the revenues of P3.1 billion from political advocacies and political advertisement in 2010, advertising revenues decreased by 6 percent year-on-year,” ABS-CBN said.

 

Advertising revenues contributed 62 percent of total revenues while consumer sales made up the balance 38 percent.

 

Consumer sales last year inched up P10.6 billion or a 1 percent increase in 2010.

 

“The increase is largely attributable to Sky Cable’s growth in revenues. The increase is also partly due to the increase in sales of other subsidiaries mainly ABS-CBN Film Productions, which grew 18 percent in 2011,” said ABS-CBN.

 

Earnings before interest, taxes, depreciation and amortization in 2011 was at P6.8 billion or a 21 percent decline year-on-year.

 

Capital expenditures and program rights acquisition for 2011 amounted to P4.2 billion, P521 million or 14 percent higher year-on-year. — Rouchelle Dinglasan/ELR, GMA News