Quezon City, Philippines – The consolidated net income of ABS-CBN Corporation registered P1.708 billion for 2012, down by 29% compared with P2.420 billion in 2011. Removing the effects of the gain from the sale of investments recognised in 2011 amounting to P1.032 billion, net income increased by 23%.

According to the company, the growth in recurring income was fuelled by strong advertising revenues and consumer sales. ABS-CBN generated consolidated revenues of P31.7 billion from advertising and consumer sales, a 13% increase compared to last year.

ABS-CBN’s advertising revenues reached P19.1 billion, an increase of 8% from a year ago. Consumer sales amounted to P12.7 billion, posting a 19% increase. Sky Cable continues to be a major driver of growth with revenues increasing by 32% to P5.9 billion. The growth in revenues is partly attributable to the acquisition of Destiny Cable.

Total operating and other expenses increased by 12% to P26.2 billion brought about by increases in production costs, cost of sales and services , and general and administrative expenses. Capital expenditure, and film and programme rights acquisition amounted to P4.9 billion, 18% higher than the level of spending in the previous year.