ABS-CBN trims Q1 losses by 18%
MANILA, Philippines — ABS-CBN Corp. trimmed its losses by 18 percent in the first quarter after cutting expenses and registering a windfall from the sale of assets.
The Lopez-led media giant, in its recent financial report, disclosed that its net losses went down to P994 million from January to March 2024 from P1.21 billion in the same period last year.
This is despite total topline figures dropping by 4 percent to P4.08 billion as cable TV and broadband revenues slipped 23 percent to P1.45 billion. Content production and distribution revenues, however, climbed by 10 percent to P2.63 billion.
The revenue dip was offset by lower costs and expenses, which slid 2 percent to P5.28 billion.
ABS-CBN also saw its other incomes triple to P437 million after recording a gain on the sale of noncurrent assets held for sale amounting to P414.68 million.
READ: ABS-CBN losses swell while GMA income tumbles
Consolidated earnings before interest, tax, depreciation, and amortization reached P36 million for the period, a turnaround from a loss of P129 million a year ago.
Digital transformation, partnerships
Since losing its free TV franchise in 2020, ABS-CBN has been pivoting to digital platforms and teaming up with other media companies to air their shows.
In fact, former rival GMA Network Inc. recently said that more joint projects were likely to be launched given their “smooth” working relationship.
READ: GMA Network sees more potential projects with ABS-CBN
Last year, ABS-CBN and GMA signed their historic co-production agreement for a TV series titled “Unbreak My Heart,” which was top-billed by artists from both networks.
The parties also established a partnership allowing GMA’s international channels GMA Pinoy TV, GMA Life TV and GMA News TV, along with some of its on-demand programs, to be aired on ABS-CBN’s iWantTFC.
Meanwhile, ABS-CBN also signed a content-sharing agreement with Villar-owned Advanced Media Broadcasting System in April to air the Kapamilya network’s classic television series on ALLTV.
The collaboration expands the presence of ABS-CBN content in the free-to-air TV space given that the Lopez-led company already has blocktime leasing deals with TV networks TV5, GMA, and A2Z.
