ABS-CBN posts 43% profit drop

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MEDIA and entertainment company ABS-CBN Corp. posted a 43 percent drop in net income in the first half of the year due to the absence of election-related advertising, which lifted profits in the comparable period in 2016.

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The company’s net income dropped to P1.2 billion from P2.1 billion in the same period in 2016, while consolidated revenue recorded P19.3 billion, also down from last year’s P20.9 billion.

Meanwhile, based on Kantar Media TV Audience Measurement, ABS-CBN said it continues to rule the national TV ratings with an overall audience share of 50.7 percent in the first half, thanks to its leading TV show, “FPJ’s Ang Probinsyano.”

The company also ended the first half with 3.2 million units of TVplus digital TV boxes sold since their launch two years ago.

“Our progress with the DTT (digital terrestrial television) initiative has also been evident in its ratings performance. Cinemo and Yey! channels have more than doubled their audience shares to 2% and 1%, respectively, compared to the same period last year,” Aldrin Cerrado, ABS-CBN chief financial officer (CFO), said in a disclosure to the Philippine Stock Exchange late Friday.

ABS-CBN’s subsidiaries also grew in their revenues in the first half. Sky Cable booked a 9 percent increase in revenues to P4.6 billion driven by the continued increase in its broadband and direct to home subscribers, ABS-CBN Group CFO Ron Valdueza said.

Star Cinema generated over P1.2 billion pesos in revenues during the period.

Kidzania, the company’s educational theme park, welcomed over 148,000 visitors since the beginning of the year, and is expected to do even better in the second half, the company said.

O Shopping Channel, ABS-CBN’s joint venture with CJ O Shopping of Korea, generated P435 million in sales of various products for the first six months of 2017.

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