ABS-CBN Corp. said net income fell 34.7 percent in the first nine months of the year on lower advertising revenues.
The Lopez-led multimedia company said net profit amounted to P1.48 billion in the January-to-September period from P2.26 billion year-on-year.
ABS-CBN generated consolidated revenues of P29.5 billion from advertising and consumer sales, 0.1 percent lower from P29.51 billion last year.
Advertising revenues decreased 2.8 percent to P14.87 billion on fewer placements.
Consumer sales increased 2.9 percent to P14.61billion from last year’s P14.2 billon.
ABS-CBN TVPlus contributed significant increase in revenues during the nine-month period with 1.79 million boxes sold, or a 24-percent increase on year.
Sky’s revenue decreased by 2.8 percent on year.
The decrease in Sky’s performance was triggered by the decline in cable subscriber count by 68,000.