PHILSTAR

ABS-CBN Corp. has seen its attributable net loss for the first quarter of the year narrow to P1.38 billion from a loss of P1.95 billion the previous year.

The company’s total revenues for the quarter climbed 18.6% to P4.65 billion from P3.92 billion in the same period in 2021, its first-quarter report showed. Its total expenses remained at P5.77 billion.

ABS-CBN’s advertising revenues increased 59.8% to P1.49 billion from P929 million previously, while consumer sales grew 5.8% to P3.17 billion from P2.99 billion.

The company said the increase in advertising revenues is attributable to both political placements and growth in regular advertising as it continues to expand its coverage through partnerships.

“Consumer sales increased by P174 million mainly resulting from the licensing and syndication of the company’s films and programs library,” it noted.

As of March 31 this year, ABS-CBN’s total consolidated assets stood at P53.4 billion, 1.5% higher than total assets of P52.6 billion as of Dec. 31, 2021.

The company said its net debt-to-equity ratio was at 1.45x and 1.46x as of March 31 this year and Dec. 31, 2021, respectively.

Under President Rodrigo R. Duterte’s government, lawmakers who supported him rejected the franchise application of ABS-CBN, the former rival of GMA Network, Inc. in the broadcasting space.

The House of Representatives committee on legislative franchises deemed the broadcast network critical of Mr. Duterte and “undeserving” of the privilege.

“Despite the non-renewal of the company’s franchise, ABS-CBN remained committed in producing meaningful and quality content to continue to be of service to the Filipino worldwide,” the company said.

It launched in 2020 its Kapamilya Channel on cable TV, and subsequently, its digital streaming channel Kapamilya Online Live.

“On Oct. 6, 2020, a new milestone was again reached by ABS-CBN where it was able to secure a partnership with Zoe Broadcasting to blocktime ABS-CBN’s programs under the Channel 11 A2Z. These initiatives allowed ABS-CBN to be welcomed back to Filipino households. Launching these platforms allowed the company to generate P1.5 billion in advertising revenues in the first quarter of 2022,” the company said.

ABS-CBN shares closed 3.03% higher at P10.20 apiece on Monday. — Arjay L. Balinbin

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