Lopez-led media firm ABS-CBN Corp. is investing between P5 billion to P6 billion to complete the multi-year development of new sound stage facilities in a Novaliches property it owns as part of an effort to curb production costs amid plans to offer new  television channels to viewers.

In a press briefing after its annual stockholders’ meeting on Thursday, ABS-CBN chairman Eugenio Lopez III told reporters that the company has already started to develop the 15-hectare property, which will also house offices and support facilities.

“By next year, we hope at least two sound stages will be up but the idea is to have at least half a dozen soundstages,” Lopez said, noting that the facility can also attract foreign content providers.

 About P2 billion to P3 billion is being earmarked for the initial phase of the project.

ABS-CBN Chief finance officer Rolando Valdueza said new sound stages, typically used for the production of movies or television shows, will help the company slash about P100 million per year in location rental fees.

 The development comes as ABS-CBN is expected to report slower than expected growth in its second quarter net income, Valdueza said.

Other factors that may hinder growth this year include expectations of a further slowdown in its overseas subscription business, through ABS-CBN Global. Lopez said this is due to the problems arising from civil unrest in the Middle East and calamities that struck Japan.

The unit is registering flat growth in terms of new subscribers in the second quarter, officials said, noting that growth trajectory of ABS-CBN Global has “slowed down significantly.”

“But we view this as a temporary setback,” said Valudueza, who is keeping the full year target at P3.2 billion to match ABS-CBN’s record earnings in 2010, a period buoyed by election-related spending.

ABS-CBN earlier reported that first quarter net income slid a tenth to P976 million. That figure included gains from the sale of P674 million worth of SkyCable Philippine Depository Receipts to a unit of STT Communications.

Total revenues also fell 15 percent to P6.6 billion mainly due to the absence of election-related spending.  Consumer sales were lower by 5 percent to P2.5 billion.

ABS-CBN shares were up 1.25 percent to P40.50 each on Thursday’s close.