MULTIMEDIA conglomerate ABS-CBN Corp. saw net profits widening by almost a third during the first quarter of 2018, as the decline in expenses cushioned the slight drop in revenues.
Based on a disclosure to the stock exchange, the company recorded a 30.9-percent increase in net income to P411 million during the first three months of 2018 from P314 million in the same period a year ago.
In the same comparative periods, consolidated revenues declined by 5.9 percent to P9.01 billion from P9.57 billion, due to lower advertising and retail sales.
Expenses, likewise, slid by 4.3 percent to P8.73 billion from P9.17 billion, as it posted decreases on facilities-related and employee-related costs.
Cash-capital expenditures and program rights acquisition amounted to P2.1 billion during the first quarter of 2018.