ABS-CBN net income falls 14% in Q1

MANILA, Philippines- ABS-CBN Broadcasting Corp. said Thursday that its net profit fell nearly 14 percent in the first quarter of 2008 due to the absence of one time gains made in the comparative period in the previous year.

In a regulatory filing, ABS-CBN said net income reached P242 million in the first three months of 2008, 13.88 percent lower than what it made in the same period in 2007, which included extraordinary gains from fees collected from subscribers who migrated to their DirecTV platform.

Without the extraordinary gains in 2007, the Lopez-owned network said its net income grew 23 percent.

The company's gross revenues increased by 3 percent to P4.3 billion during the first quarter of 2008 compared to the same period in 2007 owing to higher airtime revenues and direct sales. - GMANews.TV