The consolidated net income of ABS-CBN Corporation registered P976 million for the first three months of the year.

ABS-CBN delivered consolidated revenues of P6.6 billion from advertising and consumer sales, a 15% decline compared to a year ago. Less the revenues from political advocacies and advertisement from the first quarter of 2010, consolidated revenues in the first quarter of 2011 increased by 3% year-onyear (YoY).

ABS-CBN’s advertising revenues declined 21% or P1.0B to reach P4.0B. Minus the revenues from political advocacies and advertisement in the first quarter of 2010, advertising revenues in the first quarter of 2011 increased by 10% YoY.

Consumer sales for the first quarter of 2011 amounted to P2.5B, posting a 5% decrease or P147M less from a year ago, mainly from ABS-CBN Global. Meanwhile, SKYCable revenues increased by 6% to P1.0B, mostly driven by the increased take-up of its broadband service subscriptions which increased by 31% YoY.

Total expenses declined by P721M or 13% YoY to P4.7B partly due to the lower cost of sales and services and general and administrative expenses.

Net income attributable to shareholders for the first quarter of 2011 is at P976M, inclusive of the gain on sale of SKYCable Philippine Depositary Receipts, a 10% decline YoY (see related story on page 3). Removing the effects of this one-time gain in the first quarter of 2011 and P1.40B revenues generated from political advocacies and political advertisement in the first quarter of 2010, net income would have increased by 12% YoY.

Meanwhile, earnings before interest, taxes, depreciation and amortization (EBITDA) hit P2.1B, a 14% decline YoY. Stripping the one-time gain in the first quarter of 2011 and shaving the P1.40B revenues generated from political advocacies and political advertisement in the first quarter of 2010, EBITDA would have grown by 6% YoY.