ABS-CBN profit down to P2.2B as of Sept.

The profit of network giant ABS-CBN Corp. fell to P2.2 billion as of September this year, from P2.9 billion in the same period of 2010.

The drop would have been more significant, the company said, if not for the recent sale of part of its holdings in cable provider SkyCable to a Singaporean partner.

“If you look at the scenario this year, the local economy slowed down, the global economy slowed down, and there is intense competition in the industry,” ABS-CBN chief financial officer Rolando Valdueza said in a briefing.

“But this month, we have been seeing an uptick in advertising sales. We are confident that this momentum can be carried throughout next year,” he said.

Advertising revenues dipped 21 percent to P13.4 billion from last year.

Stripping out the effect of political advertisement revenues that provided a windfall in the first half of last year, ad revenues slipped 4 percent.

“The decrease is attributable to a slowdown in advertising spending by corporates,” the company told the local bourse.

Due to the drop, Valdueza said profit may settle at around P2.6 billion this year—at best—or lower than the company’s initial target of around P3 billion.