One of the country's largest media network ABS-CBN Corporation reported a 20% decline in profit for the first nine months of 2017 as advertising revenues fell after discounting the impact of the 2016 election related spending.
Net income attibutable to parent was P2.27 billion from January to September which is way down compared to the P2.85 billion income during the same period last year.
For the third quarter, the Lopez-led media company reported a net income of P1.01 billion, up 38% from the P732 million recorded during the same period last year.
ABS-CBN revenues for January to September dropped 5% to P29.51 billion from P31.17 during the nine-month period last year. The decline according to the company's report can be attributed mainly to lower advertising revenues.
The media company also noted that advertising revenues reached P15.3 billion for the first nine months of the year or 3 percent lower than the P15.8 billion, net of election-related spending, registered during the same period last year.
The Kapamilya Network which is considered as one of the most popular TV network in the Philippines with the widest reach nationwide was often accused by some Pro-Duterte bloggers as being biased.
ABS-CBN also suffered some setbacks in social media as their engagements went down compared to that of Mocha Uson, Thinking Pinoy and other bloggers despite the fact that they have a huge pool of artists.
Source: ABS-CBN News
Net income attibutable to parent was P2.27 billion from January to September which is way down compared to the P2.85 billion income during the same period last year.
For the third quarter, the Lopez-led media company reported a net income of P1.01 billion, up 38% from the P732 million recorded during the same period last year.
ABS-CBN revenues for January to September dropped 5% to P29.51 billion from P31.17 during the nine-month period last year. The decline according to the company's report can be attributed mainly to lower advertising revenues.
The media company also noted that advertising revenues reached P15.3 billion for the first nine months of the year or 3 percent lower than the P15.8 billion, net of election-related spending, registered during the same period last year.
The Kapamilya Network which is considered as one of the most popular TV network in the Philippines with the widest reach nationwide was often accused by some Pro-Duterte bloggers as being biased.
ABS-CBN also suffered some setbacks in social media as their engagements went down compared to that of Mocha Uson, Thinking Pinoy and other bloggers despite the fact that they have a huge pool of artists.
Source: ABS-CBN News
ABS-CBN Corp. Reported 20% Decline in Profit Due to Falling Advertising Revenues
Reviewed by Phil Newsome
on
November 14, 2017
Rating:
Reviewed by Phil Newsome
on
November 14, 2017
Rating:
