The Lopez-led broadcasting firm said in a report that its profit went down 22.9 percent to P995 million in the first six months of the year from P1.29 billion in the same period in 2013.
The decrease was largely brought about by last year's election-related advertising spendings, which chalked up 54 percent of the Januuary-June 2013 earnings.
The network's revenues in the first half amounted to P16.38 billon, down by 4.7 percent from last year's P17.18 billion. In the second quarter alone, ABS-CBN's revenue amounted to P8.19 billion, lower by 11.5 percent from last year's P9.25 billon.
Its costs and expenses went down by 0.3 percent to P15.09 billion in the first half of the year from last year's P15.15 billon.
“I am pleased with our overall performance for the first half of the year, and I am confident that we will be able to achieve our full-year financial targets,” Aldrin Cerrado, the company’s Chief Financial Officer said.
The company set a P2 billion net income guidance for 2014.
“Channel 2 continues to dominate strongly in terms of national audience shares and ratings, Star Cinema’s performance at the box office was excellent, and Skycable has grown both its cable and broadband businesses,” added Cerrado.
Ron Valdueza, Group CFO and Head of Corporate Services Group 2 said the company is looking forward to sustaining its performance throughout the second half of the year.
"The results of our initiatives on both the revenue and expense side have been positive, and we should be able to deliver a marked improvement in our margins over the coming years," he said.
“ABS-CBNmobile subscriber acquisition numbers are very encouraging. Our O Shopping Channel is generating over P1 million in daily sales and is expected to be profitable this year, while our educational theme park, KidZania, has already exceeded its target number of industrial partners and will open for business early next year,” added Valdueza.
According to Kantar Media, the top ten programs for the first half in 2014 for free-to-air television were all produced by ABS-CBN.
The company hopes to further boost its audience share once it improves the reception of Channel 2 in the Mega Manila area and Central Luzon. This should be achieved through ABS-CBN’s transition to digital terrestrial television.