ABS-CBN Corp. reported an increase of 7% in attributable net income to P452.53 million for the first quarter, despite a drop in advertising revenues.
In a regulatory filing, the Lopez-led media giant said consolidated revenues fell 6% to P9.01 billion during the January to March period, from P9.58 billion.
Advertising revenues were down by 10% to P4.35 billion from P4.84 billion, due to fewer advertising placements.
Consumer sales also slipped 1.5% to P4.67 billion in the first quarter, against P4.74 billion last year, as a result of a drop in ticket sales from ABS-CBN Global and ABS-CBN films, as well as lower SkyCable revenues.
Gross expenses went down by 4.3% from P9.17 billion to P8.77 billion as production costs fell. The company was able to reduce expenses from facilities, as well as programming-related costs. — P.P.C. Marcelo