ABS-CBN net income down 40% in H1

MANILA, Philippines -  ABS-CBN Corp. reported a 40 percent decline in first half net income from a year ago due to weak revenue.

In a briefing yesterday, ABS-CBN chief financial officer Aldrin Cerrado said net income reached P1.26 billion in the first six months, down from the P2.1 billion in the same period last year.

Consolidated revenues decreased eight percent to P19.3 billion in the January to June period from the previous year’s P21 billion.

Costs and expenses dipped slightly to P17.8 billion as of end-June from P18 billion in the same period a year ago.

While the net income result was lower in the first semester, ABS-CBN Group chief financial officer Ron Valdueza said the firm is satisfied with the performance of subsidiaries.

He said Sky Cable Corp.’s revenue rose nine percent to P4.6 billion in the first half due to the continued increase in broadband and DTH (direct-to-home) subscribers.

Sky, the cable TV and broadband service provider of the group, had over one million subscribers as of end-June.

Star Cinema, meanwhile, generated over P1.2 billion in revenue during the first half.

Kidzania, the company’s educational theme park, had over 148,000 visitors since the start of the year.

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

ABS-CBN is primarily involved in television and radio broadcasting, as well as in the production of TV and radio programming for domestic and international audiences and other related businesses.