- ABS-CBN reported an increase in profit for the 2nd quarter of 2019.
- GMA Network earnings dropped in the 2nd quarter of 2019.
The country’s two media giants have posted opposing profit numbers for the second quarter of 2019.
In a regulatory filing, ABS-CBN Broadcasting Corp. reported a 75% increase in profits for the 2nd quarter of 2019. GMA Network Inc., on the other hand, reported a 22% decrease in their earnings.
The Kapamilya network reported its attributable net income at Php695.8 million at the end of the second quarter, propelled by the 10% increase in their revenues to Php10.44 billion.
Meanwhile, GMA Network reported a 21% decrease in their attributable net income at P627.33 million in the second quarter. A 2% increase in their revenues of P4.12 billion was not enough to cover the 14% rise in their production costs of P1.7 billion from the period of April to June 2019.
Taking the results from the past two quarters, the Lopez-led media giant’s attributable net income increased by 83% to P1.55 billion while GMA’s attributable net income for the first half grew by 10% at P1.34 billion.
Meanwhile, ABS-CBN’s consolidated revenues jumped by 10% to P20.8 billion, 54% of which are coming from advertising sales. Revenues from ad placements grew by 18% to P11.29 billion which was attributed to both political placements and growth in regular advertising which grew 3.2% year on year.
Consumer sales, which make up the remaining 46% of ABS-CBN’s revenues, also increased by 1.7% to P9.52 billion brought about by more TVPlus Boxes sold, theatrical receipts from ABS-CBN Films, and higher subscription revenues from Sky Cable.
ABS-CBN’s total costs and expenses meanwhile increased by 2% to P18.87 billion caused by the increase in production costs from original iWant content and election coverage expenses.
For GMA Network, its consolidated revenues went up by 7% to P7.91 billion. Advertising revenues also climbed by 8% due to election-related placements. Their total operating expenses for the first half grew by 6% to end at P6.01 billion, a slightly slower pace than revenues.