The consolidated net income of ABS-CBN Corporation (“ABS-CBN” or the “Company”) (PSE: ABS, ABSP), the country’s largest multimedia conglomerate, registered P1.555 billion for the first nine months of 2012, down by 31% compared with P2.240 billion in the same period last year. Removing the effects of the gain from the sale of Sky Cable PDRs recognized in the first nine months of 2011 amounting to P825 million, net income increased by 10%. The growth in recurring income was fuelled by strong advertising revenues and consumer sales in the third quarter.
ABS-CBN generated consolidated revenues of P24.0 billion from advertising and consumer sales for the first nine months, a 13% increase compared to the same period last year.
ABS-CBN’s advertising revenues reached P14.5 billion in the first nine months of the year, an increase of 8% from a year ago. Consumer sales for the nine month period amounted to P9.5 billion, posting a 21% increase. Sky Cable continues to be a major driver of growth with revenues increasing by 29% to P4.1 billion. The growth in revenues is partly attributable to the full quarter effect of the acquisition of Destiny Cable.
Total operating and other expenses increased by 14% year-on-year to P19.4 billion brought about by increases in production costs, cost of sales and services , and general and administrative expenses.
Capital expenditure and film and program rights acquisition for the nine month period amounted to P3.5 billion, 8% higher than the level of spending for the same period last year.
ABS-CBN maintained its national audience share and ratings leadership for Urban and Rural audiences with prime-time audience share averaging 49% in the third quarter of 2012, a 21 percentage point lead over GMA’s, based on the Kantar National TV Ratings.
For the third quarter, 16 of the company’s shows were in the Top 20 for Total Philippines (Urban and Rural), with the following occupying the Top 10 slots: Walang Hanggan, Princess & I, Maalaala Mo Kaya, TV Patrol (Weekday), Wansapanataym, Donaire vs. Mathebula, Pinoy Big Brother Teen Edition, Rated K Handa na ba Kayo?, Kapamilya Deal or No Deal and Goin’ Bulilit.
ABS-CBN Film Productions, Inc. released 12 films in the first nine months of 2012. Six of them- Enteng ng Ina Mo, Segunda Mano, Unofficially Yours, Kimmy Dora and the Temple of Kiyeme, The Healing and The Mistress -topped P100 million in box office receipts, earning blockbuster status by local standards. Enteng ng Ina Mo and The Mistress grossed more than P200 million.
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About ABS-CBN Corporation
ABS-CBN Corporation is the leading Philippine entertainment and information multimedia conglomerate. In the Philippines, ABS-CBN produces a wide variety of engaging world-class entertainment programs in several genres and balanced credible news programs that are aired on free-to-air TV via Channels 2 (VHF) and 23 (UHF) and a regional network of TV and radio stations nationwide. It also provides news and entertainment programming for nine channels on cable TV. The Company owns the leading film and music production and distribution outfit in the Philippines, and has interests in cable TV, Internet and mobile services, and glossy-magazine publishing. It brings its content to worldwide audiences via cable, satellite and the Internet, primarily through ABS-CBN Global’s The Filipino Channel (TFC).
