ABS-CBN books P7B losses

    1113

    ABS-CBN Corp. reported a net loss of P7.3 billion nine months into the year, compared with a P2.3 billion net income in the same period last year, as it shut down several businesses after the Congress denied its franchise renewal.

    In January to September, ABS-CBN generated consolidated revenues of P17 billion from advertising and consumer sales, down 46.8 percent year-on-year. It said advertising revenues suffered a sharp decline in the second quarter following the National Telecommunications Commission’s order to stop broadcast last May.

    These events in addition to the coronavirus pandemic drove down both the advertising and consumer revenues of the company.

    ABS-CBN said direct costs and expenses declined 18.4 percent to P23.6 billion, while production cost fell by P2.3 billion or 23 percent, as it decided to pause producing new content amidst the pandemic.

    The company said despite losing its direct to home business, Sky Cable’s revenues rose 4 percent year-on-year through its broadband business. Broadband subscribers increased to over 300,000 by the end of the third quarter of 2020. Total revenues generated from digital platforms dropped 23.9 percent to P294 million.