ABS-CBN first quarter profit rises 31%
ABS-CBN Corp. reported a 31 percent jump in its first quarter profit to P411 million, largely due to lower operating costs.
The media conglomerate saw its revenues decline by 5.9 percent to P9.01 billion as advertising revenues fell 10.2 percent to P4.35 billion. Consumer sales dipped 1.5 percent to P4.67 billion.
Costs and expenses were 4.3 percent lower at P8.77 billion due to the reduction in the company’s facilities-related expenses and employee related costs amounting to P94 million.
Sky Cable Inc. registered revenues of P2.29 billion, down three percent due to the decline in cable subscriber count by 80,000.
Revenues from the sale of ABS-CBN TVPlus increased by 22 percent to 589,406 boxes.
Kidzania generated P129 million in revenues while O-Shopping raked in P219 million in revenues.