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Monday, May 14, 2012

ABS-CBN'S Q1 RECURRING NET INCOME FLAT AT P306 MILLION!

MANILA, Philippines (UPDATE) - Multimedia conglomerate ABS-CBN Corp. reported a consolidated net income of P306 million for the first quarter of 2012. This is 69% lower than the net income of P976 million for the first quarter of 2011 which included a one-time gain from the sale of Sky Cable PDRs last year.

Excluding the one-time gain of P674 million, ABS-CBN's first quarter net income would have been 1% higher than last year's recurring income of P302 million.

Consolidated revenues from advertising and consumer sales grew by 8% to P7.1 billion in the first quarter. Advertising revenues saw a 4% jump to P4.2 billion in the January to March period, while consumer sales posted a 15% rise to P3 billion.

Sky Cable's revenues grew 12% to P1.2 billion in the first quarter, while ABS-CBN Global revenues rose by 3%, as it showed double-digit growth in subscribers in Canada and single digit growth in other markets, except Japan and Europe.

However, total operating and other expenses were up 10% year-on-year to P6.1 billion, due to higher production costs, cost of sales and services, and general and administrative expenses.

ABS-CBN chief finance officer Rolando Valdueza said the company is keeping its full-year net income target to P1.3 billion.

"We're setting a target of P1.3 billion, in terms of airtime we are up 1% but the challenge is our lunchtime slot plus the industry-wide ad spending is down by double digit," he said, in a press briefing.

Valbuena said the company is looking to keep its costs down for the rest of the year. "The production cost increased 25% last year, and now 10%, and the challenge is to keep it really in single digits for our costs," he added.

Based on Kantar National TV Ratings, ABS-CBN maintained its national audience share and ratings leadership, with prime-time audience share averaging 42% during the January to March period.

Meanwhile, buying the assets of Destiny Cable and 2 other companies is expected to boost the subscriber base of ABS-CBN's Sky Cable Corp., the Philippines’ largest cable television service provider

Valdueza said combining Destiny's 150,000 subscribers with Sky's 500,000 subscribers would give the company close to 45% share of the market.

On Friday, Sky announced it was buying the assets - cable TV and broadband - of Destiny, Solid Broadband Corporation, and Uni-Cable TV Inc. for P3.5 billion.

To finance the P3.5 billion acquisition, Valdueza said Sky will try to raise P2 billion in debt and P1.5 billion from equity fund raising.

9 comments:

mOST wanTED said...

hnde msama khit 1% growth lng ATLEST hnde BUMABA...kc un ang msama...eh un
GMA kya bumaBA/tumaAS?

Anonymous said...

omg really

306 million

means the end of this year baka hangang 1.2 billion lang ang kikitahin nila????


while gma- kung mababa na ang abscbn what's more kung sa GMa pa kaya...baka 200 million??

Anonymous said...

EH ang GMA Binibenta na eh!. tapos 2O% ng GMA7 binenta sa mga Private sectors para "LANG" lumitaw at ma establish ang GNA7 PENOY imean PINOYTV nila.

Anonymous said...

.Its net profit declined 69 percent in the first quarter this year .hahaha.' kawawa ang chuw.' yabang kasi..' lugi na naman ang dos.

mOST wanTED said...

^
^
sa side ko nman tama un ibang nag comments jan n kung bumaba un ABS..sure din n bumaba UN GMA...un ang mas KAWAWA.

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