BROADCAST media giant ABS-CBN Corp. reported a 41% decline in first-half earnings on weak revenues.

ABS-CBN’s regulatory filings on Friday showed it made P1.256 billion in the January to June period, down 41% from first-half last year’s P2.114 billion.

Revenues fell by an annual 8% to P19.344 billion, from year-ago’s P20.99 billion, with advertising sales accounting for 51% of total. Ad revenues had a 60% share in the first half of 2016, an election year.

The broadcaster trimmed its expenses by 1% in the first half to P17.783 billion.

“We are particularly pleased to have been able to control overall costs for the first half of the year,” chief financial officer Aldrin Cerrado was quoted as saying in a separate statement.

The company has yet to file its income statement.

Its regulatory filing — a slide presentation prepared for an investors’ briefing — showed it reported P942 million in net income for the second quarter, stronger than the P314 million it made in the first quarter.