ABS-CBN CORP. Q3 NET INCOME P40 MILLION HIGHER THAN GMA NETWORK!

For third quarter of 2011 ABS-CBN Corp's  net income amounted to P562 million down  11% from P635 million in the same period last year. However this is still better than rival GMA Network (click here) which netted P525 million in Q3. The drop on both media giants were blamed from the global economic turmoil which trimmed advertisement budgets of Multi-national companies.

The Lopez-led broadcasting network said net profit in January to September dropped by 23 percent to P2.2 billion from P2.9 billion in the same period last year.

The company's consolidated revenues from advertising and consumer sales amounted P21.1 billion in the first nine months, down by 15 percent compared to a year ago.

While the third quarter revenues amounted to P7.2 billion from P7.9 billion in the same period last year.

Of the total revenues, advertising sales amounted to P13.4 billion, down by 21 percent from a year ago due to the absence of political ads. Consumer sales amounted to P7.8 percent, down by 1 percent compared to a year ago.

Less the revenues from political advocacy and advertisements last year, consolidated revenues in the nine months declined by 3 percent year-on-year.

ABS-CBN also said that Sky Cable continued to contribute positively with revenues increasing by 10 percent to P3.2 billion mostly because of higher broadband service subscriptions, which increased by 21 percent year-on-year.

The network's total operating and other expense in the nine months period amounted to P16 billion, an 8 percent decline year-on-year.

Of the total, the company's total production costs up by 18 percent to P7 billion due to higher programming costs, particularly of primetime and noontime programs.

While cash production costs went up by P952 million or 20 percent year-on-year, mostly from increase from talent fee adjustments and from new programs that brought talent fees, equipment rentals and service fees, and other expenses substantially higher.

In the first nine months, the network's capital expenditures (capex) and film and program rights acquisition amounted to P3.2 billion, 30 percent higher than the level of spending from the previous year.

ABS-CBN maintained its national audience share and ratings leadership with prime-time audience share averaging 42 percent in the nine months of 2011, with a 12 percentage point lead over GMA’s, based on the Kantar National TV Ratings figure.

ABS-CBN Film Productions, Inc. released 12 films from January to September of this year.

Five of them –Ang Tanging Ina Mo Last Na To, Dalaw, Catch Me I’m in Love, In The Name of Love and No Other Woman – topped P100 million in box office receipts, earning blockbuster status by local standards. No Other Woman, a co-production with Viva Films, grossed P275 million. (PNA) RMA/DGA