The extensions pushed the maturity of its P5-billion Bank of the Philippine Islands loan to Aug. 31 and its P4.75-billion UnionBank loan to Sept. 30, three months later than disclosed at the end of March, the company said in its latest quarterly report on Monday.
ABS-CBN said it continues to service its bank obligations while negotiating a longer-term refinancing.
The company also preserved cash, ending June with P1.31 billion from P1.03 billion at the start of the year, helped by stronger collections, advance customer payments and lower spending.
The balance-sheet work comes as ABS-CBN tackles continued losses, with its first-half net loss widening to P1.83 billion from P852 million as revenue fell 17 percent to P6.88 billion.
Its main content business held up better, with revenue down 9 percent to P5.76 billion and roughly flat after stripping out last year’s election-related advertising, while international syndication and co-productions helped broaden its revenue base.
ABS-CBN expects more support in the second half from the full run of BINI’s world tour, upcoming films and live events, and continued growth in international content deals, while cost cuts are helping manage the decline of its cable business.
The planned P6-billion equity infusion, coming from Lopez family members and new investor I&C Holdings, would add fresh funds without taking on more debt, strengthening ABS-CBN’s finances.
—Edited by Miguel R. Camus
