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| ABS-CBN nets P2.4B |
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The consolidated net income of ABS-CBN Corporation registered P2.4 billion for the full year 2011. ABS-CBN generated consolidated revenues of P28.2B from advertising and consumer sales, a 13% decline compared to 2010. Less the revenues from political advocacies and advertisements in 2010, consolidated revenues for 2011 declined by 4% year-on-year (YoY). ABS-CBN’s advertising revenues reached P17.6B, a decline of 19% from a year ago. Minus the revenues from political advocacies and advertisements in 2010, advertising revenues declined by 6% YoY. Consumer sales for 2011 amounted to P10.6B, posting a 1% increase from a year ago. SkyCable continues to contribute positively with revenues increasing by 10% to P4.3B, mostly driven by the increased take-up of its broadband service subscriptions which increased by 18% YoY. However, ABSCBN Global revenues declined by 8% YoY in peso terms due to the decline in subscribers and the appreciation of the Philippine peso against the US dollar. Total operating and other expenses dropped by P1.1B or 5% YoY to P22.3B. This was partly a result of lower cost of sales and services and general and administrative expenses. Net income attributable to shareholders is at P2.4B, aided by a gain on sale of SkyCable Philippine Depositary Receipts to the Singaporean company STT Communications Ltd. Meanwhile, earnings before interest, taxes, depreciation and amortization hit P6.8B. Capital expenditure and film and program rights acquisition for the year amounted to P4.2B, 14% higher than the level of spending from the previous year. |
