WITHOUT SKYCABLE SALE, GMA-7 EXCEEDS ABSC-CBN IN PROFIT MAKING BY P160 MILLION!

 FROM BPI ASSET MANAGEMENT

Media

ABS-CBN Corp. (ABS) suffered a 23% drop in its 9M2011 net income to Php2.24 billion as consolidated revenues declined by 15% mainly due to the absence of election-related ads which were evident at the first two quarters of 2010 and a slowdown in regular ads as multinationals decreased advertising expenses due to the global uncertainties. Excluding the sale of Sky Cable PDRs, earnings amounted to Php1.42 billion, 51% lower year-on-year.


GMA Network Inc. (GMAP) reported a 31% year-on-year decline in its 9M2011 profit to Php1.58 billion largely due to the absence of election-related ads which were evident in 2010. Regular ads grew by just 2% in 3Q2011 as multinational companies scaled back in ad spending due to the uncertainties in the global economy.


SOURCE