ABS-CBN Corp. said net income fell 10.3 percent in 2017 from a year ago because of the absence of election-related advertisements last year.
The Lopez-led multimedia company said it posted a net income of P3.16 billion in 2017, down from P3.53 billion in 2016.
Consolidated revenues from advertising and consumer sales slipped 2.3 percent to P40.7 billion.
Advertising revenues decreased 10.8 percent year-on-year, because of election related advertising placements recorded in the first half of 2016.
The broadcast company said excluding election-related placements, advertising revenues went down by only 0.3 percent year-on-year.
Consumer sales increased by P1.62 billion, on the back of ABS-CBN TVPlus sales and higher revenues from Sky Cable’s broadband and direct-to-home business.
ABS-CBN TVPlus contributed a significant increase in revenues with a total of 2 million boxes sold, a 53.5-percent increase from 2016, representing 702,000 additional boxes sold.
Sky Cable’s revenue rose 4.1 percent year-on-year, led by an increase in broadband and direct-to-home subscriber count by 15,000 and 399,000, respectively.
Subscriber count of Sky increased by 458,000 or 45.3 percent to 1.5 million as of end-2017.