ABS-CBN Corp. said net income fell 41 percent in the first half of the year due to lower advertising and consumer sales.
ABS-CBN said net income amounted to P741 million in the January-to-June period from P1.25 billion year-on-year.
The company registered consolidated revenues of P18.9 billion from advertising and consumer sales, down by 2.1 percent year-on-year.
Advertising revenues dropped 3.1 percent to P9.57 billion from last year’s P9.87 billion due to fewer placements in the first half of 2018.
Consumer sales decreased 1.1 percent to P9.35 billion mainly resulting from lower theatrical receipts from Global and ABS-CBN Films and decreased revenue from Sky Cable’s cable business.
Sky’s revenue fell 3.6 percent on year following a decrease in cable subscriber count by 80,000.
In total, subscriber count of Sky increased by 168,000 significantly attributable to direct-to-home subscribers.