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The consolidated net income of ABS-CBN Corporation registered P306 million for the first quarter of 2012, down by 69% compared with P976M in the same period last year. Removing the effects of the gain from the sale of SkyCable PDRs recognized in the first quarter of 2011 amounting to P674M, net income would have increased by 1%.
ABS-CBN generated consolidated revenues of P7.1 billion from advertising and consumer sales, an 8% increase compared to the same period last year. Advertising revenues reached P4.2B in the first three months of the year, an increase of 4% from a year ago. Consumer sales for the quarter amounted to almost P3.0B, posting a 15% increase from a year ago. SkyCable continues to contribute positively with revenues increasing by 12% to P1.2B. ABS-CBN Global revenues likewise increased by 3% year-on-year (YoY) on the back of a 3% increase in overall viewer count compared to the previous year.
Total operating and other expenses increased by 10% YoY to P6.1B due to increases in production costs, cost of sales and services, and general and administrative expenses.
As a result of the foregoing, net income attributable to shareholders for the first quarter of the year is at P306M, 69% lower than last year’s net income of P976M, but 1% higher than last year’s recurring income of P302M.
Capital expenditure and film and program rights acquisition for the quarter amounted to P1.1B, 22% higher than the level of spending for the same period last year.
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