ABS-CBN first-half income down 41%

August 7, 2018

ABS-CBN Corp. said Tuesday its net income fell by 41 percent in the first half of 2018 due to lower advertising and consumer sales.

ABS-CBN said net income amounted to P741 million in the January to June period from P1.25 billion in the same period in 2017.

The company generated consolidated revenues of P18.9 billion from advertising and consumer sales,  down by  2.1 percent  year-on-year.

Advertising revenues  dropped by 3.1 percent to P9.57 billion from last year’s P9.87 billion due to fewer advertising placements from first half of 2018.

Consumer sales decreased by 1.1 percent to P9.35 billion mainly resulting from lower theatrical receipts from Global and ABS-CBN Films and lower revenue from Sky Cable’s cable business.

Sky’s revenue fell by  3.6 percent  year-on-year. The decrease in Sky’s performance was triggered by the decrease in cable subscriber count by 80,000.

But subscriber count of Sky increased by 168,000 significantly attributable to direct-to-home subscribers. DMS