LISTED television networks reported mixed financial conditions in the second quarter, as ABS-CBN Corp.’s profit soared 75% while earnings of GMA Network, Inc. fell 22%.
In a regulatory filing, ABS-CBN reported its attributable net income stood at P695.8 million at the end of the second quarter, driven by the 10% growth in revenues to P10.44 billion.
For the first half, the Lopez-led media giant’s attributable net income increased by 83% to P1.55 billion. Consolidated revenues jumped 10% to P20.8 billion, 54% of which were from advertising sales.
Revenues from ad placements grew 18% to P11.29 billion, “attributable to both political placements and growth in regular advertising.” ABS-CBN said excluding political ads, regular advertising went up 3.2% year on year.
Consumer sales, which make up the remaining 46% of ABS-CBN’s revenues, also increased 1.7% to P9.52 billion, “mainly resulting from higher TVPlus Boxes sold, theatrical receipts from ABS-CBN Films and higher subscription revenues from Sky Cable.”
The company’s total costs and expenses increased by 2% to P18.87 billion, as production costs rose from original iWant content and election coverage expenses.
Meanwhile, GMA recorded a 21% drop in attributable net income of P627.33 million in the second quarter. A 2% uptick in revenues to P4.12 billion was not enough to offset the 14% rise in its production costs to P1.7 billion during the April to June period.
For the first half, GMA’s attributable net income grew 10% to P1.34 billion, as consolidated revenues went up 7% to P7.91 billion.
Election-related placements drove advertising revenues 8% higher to P7.26 billion, outpacing the 2% decline in subscriptions and other revenues to P653.1 million.
“Political advocacies and advertisements during the period propelled the revenue upswing. Without the impact of this non-recurring revenue, consolidated top line of the company slightly dipped by 3%,” GMA said.
GMA’s total operating expenses in the first half grew at a slightly slower pace than revenues, increasing 6% to end at P6.01 billion. — Denise A. Valdez