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.