MANILA - ABS-CBN Corp, the country’s leading media and entertainment company said Friday it posted P9.6 billion in consolidated revenues in the first three months of the year, while reducing overall costs.
The company is on track to meet its P3 billion earnings target for the year, chief financial officer Aldrin Cerrado said in a statement.
Consumer sales during the first quarter grew by 10 percent to P4.7 billion while airtime revenues were down 13 percent from the same period last year.
"First quarter earnings tend to be lower than the subsequent quarters due to the cyclicality of advertising placements," Cerrado said.
“We expect costs to go down further as we replace some of the higher cost programs which were carried over from last year,” he said.
ABS-CBN had an audience share of 51.1 percent in the first quarter, led by the long-running teleserye, "FPJ's Ang Probinsyano," based on Kantar Media TV Audience Measurement.
Movie unit Star Cinema generated close to P600 million from four movies released during the quarter. “My Ex and Why's" brought in about P300 million in ticket sales.
Sky revenues grew 11 percent to P2.3 billion, driven by the expansion of its broadband and direct to home subscriber pools, ABS-CBN group CFO Ron Valdueza said.
As of end March, Sky had 672,000 cable subscribers, 161,000 DTH subscribers, and 205,000 broadband subscribers.
“The strong growth in our broadband subscriber base, which has doubled in two years, should continue as we invest in expanding our network,” Valdueza said.
Kidzania, the company’s educational theme park, also welcomed over 77,000 visitors since the beginning of the year, while the O Shopping Channel generated P240 million in sales.
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