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ABS-CBN incurs P1.4B net loss in Q2 this year vs P3.1B in Q2 in 2020
ABS-CBN incurs P1.4B net loss in Q2 this year vs P3.1B in Q2 in 2020
ABS-CBN News
Published Aug 16, 2021 10:37 AM PHT
The ABS-CBN ELJ building in Quezon City lights up in the network’s colors on the eve of the first year anniversary of the denial of its franchise renewal at the hands of the House of Representatives on July 9, 2021. Basilio H. Sepe, ABS-CBN News/File
MANILA - ABS-CBN Corp incurred a net loss of P3.4 billion in the first 6 months of 2021 compared to the P3.9 billion net loss in the same period last year, according to a financial report it filed with the Philippine Stock Exchange (PSE) on Monday.
Net loss for the quarter ended in June was at P1.44 billion compared to the P3.1 billion in the same period last year, it said.
Consolidated revenue reached P8.2 billion, lower by 38.7 percent compared to the P13.3 billion in the January to June period last year, it added.
Advertising revenues declined by 57.1 percent "attributable to the absence of the company in the free-to-air advertising space following the cease-and-desist order issued by NTC" on May 5, 2020, it said.
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The House Committee on Legislative Franchises on July 10 adopted a resolution denying the franchise application of the company.
Despite the non-renewal of its franchise, ABS-CBN continued to produce quality content and find ways to reach Filipino families, it said.
In June 2020, it launched its Kapamilya Channel on cable TV while its digital streaming channel Kapamilya Online Live launched in August last year.
It also partnered with Zoe Broadcasting last Oct. 6, 2020 for a blocktiming deal.
"Launching these platforms allowed the Company to generate P1.63 billion in advertising revenues during the 1st half of 2021," ABS-CBN said.
It also integrated digital apps to IwantTFC and distributed over 180 titles to Asia, Africa, Middle East and Europe as well as over-the-top platforms generating over P121 million, it said.
ABS-CBN President and CEO Carlo Katigbak in July said the iWant TFC platform now has 4 million monthly active users.
Sky Cable, although unable to provide direct-to-home (DTH) service, continued to focus on its broadband subscriber base. ABS-CBN said Sky Cable revenues reached P4.2 billion despite the absence of DTH services.
Capital expenditures and program rights acquisition spending reached P1.8 billion as of June 30, the network said.
ABS-CBN is the leading media and entertainment company in the Philippines, offering quality content across TV, radio, digital, and film. Committed to public service and promoting Filipino values, ABS-CBN continues to inspire and connect audiences worldwide.
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