MANILA, Philippines - ABS-CBN Corp., the country’s largest multimedia conglomerate, posted a 25% decline its 2011 earnings due to the absence of political advertisements that boosted its performance the year before.
ABS-CBN ended last year with a net income of P2.4 billion, down from its record income of P3.2 billion in 2010.
The company’s consolidated revenues fell 13% to P28.2 billion, mainly on account of a decline in advertising revenues.
Ad revenues were down 19% at P17.6 billion, no thanks to “a slowdown in advertising spending by corporates,” ABS-CBN said. Consumer sales, on the other hand, rose only 1% to P10.6 billion.
ABS-CBN Global revenues dipped 8% in peso terms due to lower subscriber numbers and the appreciation of the peso against the dollar.
But unit Sky Cable continued to grow positively. Sky Cable’s revenues jumped 10% to P4.3 billion on increased take-up of its broadband service subscriptions.
ABS-CBN said it maintained its national audience share and ratings leadership with primetime audience share averaging 43%, with a 13 percentage point lead over main rival GMA Network Inc., based on the Kantar National TV Ratings figure.
ABS-CBN Corp. is the parent firm of ABS-CBNNews.com.