ABS-CBN Corp., reported a net loss of P1.9 billion in first quarter this year, more than double the losses reported in the same period last year.
In a regulatory filing, ABS-CBN said its consolidated revenues went down by 55 percent to P3.9 billion in first quarter from P8.6 billion the previous year attributed to lower revenues from both advertising and consumer sales business, following the telecom regulator’s order to stop its broadcast operation in May last year and eventual denial of its franchise renewal last July.
Advertising revenues decreased by 78 percent, attributable to absence of the company in the free-to-air advertising space. Consumer sales was similarly affected by the cease-and-desist order as this prohibited the company in engaging in Sky Cable’s DTH services and distribution of TV Plus Boxes.
