ABS-CBN’s loss widens to P965M

ABS-CBN Corp. suffered a bigger attributable net loss in the second quarter at P965.28 million, which is 24 times larger than the P39.11-million loss incurred in the same period last year.

The bigger loss for the quarter ended June was due to the decline in revenues, which amounted to P4.53 billion, 6.2% lower than P4.83 billion in the previous year.

The company, however, saw a 4.6% decline in its production costs, which totaled P1.78 billion during the April-to-June period from P1.87 billion in 2022.

The cost of services during the quarter was also lower at P1.79 billion, a decrease of 4.9% from P1.89 billion last year.

For the first semester, the company’s net loss widened to P2.13 billion from P1.42 billion in the same period of the previous year.

ABS-CBN’s revenues from January to June reached P8.8 billion, a 7.2% decline from the P9.48 billion booked in 2022.

Advertising revenues in the first half amounted to P2.99 billion, 9.1% lower than the P3.29 billion seen last year

“The absence of the election-related placements resulted in a 9.1% decline, equal to P298 million in advertising revenues,” the company said in its report.

Consumer sales, which constitute 66% of the total revenues, also declined to P5.81 billion, showing a 6.3% dip from P6.19 billion last year.

First-half production costs and cost of services were lower by 3.05% and 3.24% at P3.53 billion and P3.57 billion, respectively.

As of June 30, the company’s capital expenditures and program rights acquisition amounted to P741 million.

On Monday, shares in the company soared by 40 centavos or 9.41% to P4.65 apiece. — Justine Irish DP. Tabile