MANILA, Philippines - Media conglomerate ABS-CBN Corp. reported a consolidated net income of P927 million in the first half of 2012. This was 45% lower than the net income of P1.677 billion in the first half of 2011, which included a one-time gain from the sale of Sky Cable PDRs.
Excluding the one-time gain, ABS-CBN's net income in the first 6 months of 2012 would be P674 million, 8% lower than the same period last year.
ABS-CBN said its consolidated revenues from advertising and consumer sales jumped to P15.3 billion in the January to June period, 9% higher than year-ago figures.
Advertising revenues rose 5% to P9.2 billion in the first half, while consumer sales jumped 17% to P6.1 billion.
"Sky Cable continues to be a major driver of growth with revenues increasing by 22% to P2.5 billion. The growth in revenues is partly attributable to the acquisition of Destiny Cable," the company said.
Revenues from ABS-CBN Global were flat, with a 1% increase in overall viewer count compared to the previous year. Double-digit subscriber growth in Canada and single digit growth in all other territories offset the decline in subscribers in Japan and Europe.
However, total operating and other expenses rose 12% year-on-year to P12.5 billion on higher production costs, cost of sales and services , and general and administrative expenses.
ABS-CBN's capital expenditure and film and program rights acquisition went up 14% in the first half to P2.4 billion.
The media conglomerate maintained its national audience share and ratings leadership for urban audiences with prime-time audience share averaging 43% in the second quarter of 2012, a 14 percentage point lead over rival GMA, based on the Kantar National TV Ratings.
In June, ABS-CBN’s audience share for total Philippines (Urban +Rural) and total day was at 42%, a 10 percentage point lead over GMA.
In June, 16 ABS-CBN shows were in the top 20 for total Philippines, including Walang Hanggan, Princess & I, Maalaala Mo Kaya, Wansapanataym, TV Patrol (Weekday), The X Factor Philippines (Saturday), Rated K Handa Na Ba Kayo?,Dahil Sa Pag-ibig and Kapamilya Deal or No Deal.
ABS-CBN Film Productions, Inc. released 8 films in the first half. Four films, "Enteng ng Ina Mo," "Segunda Mano," "Unofficially Yours" and "Kimmy Dora and the Temple of Kiyeme" topped P100 million in box office receipts.
ABS-CBNnews.com is the news website of ABS-CBN Corp.