MANILA, Philippines – The consolidated net income of ABS-CBN Corp., the country’s biggest media conglomerate, fell 29% in 2012 to P1.708 billion from P2.42 billion in 2011.
In a media briefing on Thursday, March 21, the Lopez-owned company said the decline was due to the absence of a one-time gain. In 2011, ABS-CBN earned additional proceeds from the sale of its stake in cable unit Skycable.
Taking this gain out, ABS-CBN’s 2012 core net income rose 23% to P1.032 billion.
The company’s consolidated revenues meanwhile grew 13% to P31.7 billion in 2012, boosted by advertising revenues. – with reports from Cai Ordinario/Rappler.com