ABS-CBN 2012 Profit Falls 29% But Recurring Earnings Rise 23%

ABS-CBN Corporation, the country's largest multimedia conglomerate, registered a 29 percent drop in consolidated net income to P1.71 billion in 2012 from the P2.42 billion reported in 2011.

In a disclosure to the Philippine Stock Exchange, ABS-CBN said net income should show a 23 percent increase if the effects of the gain from the sale of investments recognized in 2011 amounting to P1.03 billion were removed.

The growth in recurring income was fuelled by strong advertising revenues and consumer sales. ABS-CBN generated consolidated revenues of P31.7 billion from advertising and consumer sales, a 13 percent increase compared to last year.

ABS-CBN's advertising revenues reached P19.1 billion, an increase of 8 percent from a year ago. Consumer sales amounted to P12.7 billion, posting a 19 percent increase.

Sky Cable continues to be a major driver of growth with revenues increasing by 32 percent to P5.9 billion. The growth in revenues is partly attributable to the acquisition of Destiny Cable.

Total operating and other expenses increased by 12 percent to P26.2 billion brought about by increases in production costs, cost of sales and services, and general and administrative expenses. Capital expenditure and film and program rights acquisition amounted to P4.9 billion, 18 percent higher than the level of spending in the previous year.

ABS-CBN said it maintained its national audience share and ratings leadership for Urban and Rural audiences with prime-time audience share averaging 48 percent in 2012, a 20 percentage point lead over GMA's, based on the Kantar National TV Ratings.

For the period June to December 2012, 17 of the company's shows were in the Top 20 for Total Philippines (Urban and Rural).

Loading...

Editor’s note:Yahoo Philippines encourages responsible comments that add dimension to the discussion. No bashing or hate speech, please. You can express your opinion without slamming others or making derogatory remarks.

  • Indonesia orders execution of Mary Jane, 9 others
    Indonesia orders execution of Mary Jane, 9 others

    Indonesia has ordered preparations for the execution of 10 drug convicts, including Filipina Mary Jane Veloso, as the Philippine government filed yesterday a second appeal for judicial review of the case to save the maid from death by firing squad. The Attorney General’s Office (AGO) of Indonesia released an official letter dated April 23, instructing prosecutors to prepare for the execution of 10 convicts, the Jakarta Post reported yesterday. The execution would be conducted after the …

  • Noy to visit Canada, Japan
    Noy to visit Canada, Japan

    President Aquino will embark on a state visit to Canada in May and Japan in June to meet with his counterparts and promote Philippine interests. Deputy presidential spokesperson Abigail Valte said Aquino accepted the invitation from Canadian Governor General David Johnston to make a state visit to Canada from May 7 to 9. Tied to this trip is the President’s one-day working visit to the United States to meet with potential investors and with the local Filipino community in Chicago, Valte …

  • Business groups back K to 12 program
    Business groups back K to 12 program

    The government’s K to 12 program adding two more years to basic education received support from various business groups yesterday. However, they urged relevant government agencies to deal with issues regarding the implementation of Republic Act 10533, the Enhanced Basic Education Act or K-12 Law. In a statement, business groups led by the Philippine Business for Education (PBEd) said RA 10533 is a milestone piece of legislation that intends to bring the Philippines up to par with the rest of …

  • Happiest nations: Phl ranks 90th
    Happiest nations: Phl ranks 90th

    Switzerland is the happiest country in the world, while the Philippines placed 90th, according to a global ranking of happiness unveiled in New York on Thursday. Switzerland was followed closely by Iceland, Denmark, Norway and Canada. The 2015 World Happiness Report is the third annual report seeking to quantify happiness as a means of influencing government policy. The United Nations published the first study in 2012. …

  • Asean leaders want binding sea code with China
    Asean leaders want binding sea code with China

    Southeast Asian leaders will seek to speed up plans for a binding code of conduct with China governing behavior in the disputed South China Sea at a summit next week, Malaysia’s foreign minister said Friday. Foreign Minister Anifah Aman said a massive flow of Muslim Rohingya refugees from Myanmar to neighboring countries will also be discussed at the two-day summit of the 10-member Association of Southeast Asian Nations, which starts Monday. Anifah said leaders are expected to raise concerns …

  • S&P keeps Phl investment grade rating
    S&P keeps Phl investment grade rating

    Standard & Poor’s yesterday kept its credit rating on the Philippines on expectations the country would be able to further improve its debt metrics. The country enjoys a “BBB” rating from the debt watcher with a stable outlook. The grade, awarded to the Philippines in May last year, is a notch above the minimum investment grade (BBB-). S&P said the Philippines’ external position should remain strong with increasing foreign exchange reserves and low external debt burden. …

  • GMA takes bail plea to SC
    GMA takes bail plea to SC

    Detained former President Gloria Macapagal-Arroyo has elevated to the Supreme Court (SC) her plea to be allowed to post bail in her remaining plunder case that was rejected by the Sandiganbayan. In a 38-page petition filed last Thursday afternoon, Arroyo cited her deteriorating health in asking the high court to reverse the rulings of the Sandiganbayan’s first division in October last year and last February denying her bail motion in the case involving the P366-million Philippine Charity …

  • Mild quake hits Surigao
    Mild quake hits Surigao

    A magnitude 3.2 earthquake hit parts of Surigao del Norte yesterday, but no damage or injury was reported, the Philippine Institute of Volcanology and Seismology said. …

POLL

Should Aquino be held accountable over the Mamasapano operations?

Loading...
Poll Choice Options