• Revenues weaken as broadband declines continue
• Loss narrows as expenses drop
• Core operations show clearer improvement
Media giant ABS-CBN Corp. reported softer nine month revenues but stronger cost control as total consolidated revenues slipped to P11.75 billion from P12.12 billion last year. The drop came mainly from the Cable and Broadband unit which continued to lose subscribers.
The company cut operating costs and expenses by 11 percent to P13.52 billion after tightening spending on administration and employee related items. That helped trim the consolidated net loss to P2.24 billion from P2.59 billion a year earlier.
Removing one off items the recurring consolidated net loss improved by P1.55 billion or 43 percent.
What is driving performance?
The content production and distribution segment grew revenues by 14 percent to P9.13 billion. The group said the segment’s net loss improved by 24 percent.
Partnerships with local and international networks plus deals with platforms like Netflix Viu and Amazon Prime broadened reach.
Sold-out concerts by BINI
The relaunch of iWant with updated branding lifted subscriptions while YouTube Facebook TikTok X and Instagram continued to boost advertising revenue.
Film Music and Talent units also improved supported by global ticket sales and a sold out BINI show at the Philippine Arena.
The Global Division staged more events abroad further helping the segment.
Weak cable, broadband segments
Still the Cable and Broadband business weighed on results posting P2.63 billion in revenues after a P1.50 billion drop tied to the long running decline in subscribers.
—Edited by Miguel R. Camus
