ABS-CBN Corp. significantly reduced its attributable net loss for the second quarter to P39.11 million from P1.42 billion previously.

Total revenues for the quarter reached P4.83 billion, up 13.9% from P4.24 billion in the same period a year ago, ABS-CBN’s second-quarter financial performance results showed.

Expenses declined 1% to P5.68 billion from P5.73 billion in the previous year, while non-operating income surged 152.2% to P1.04 billion from P413.6 million previously.

For the first six months, ABS-CBN saw its attributable net loss narrow to P1.42 billion from P3.37 billion.

The company generated revenues of P9.48 billion for the first half, up 16.2% from P8.16 billion previously.

Expenses declined 0.5% to P11.44 billion from P11.50 billion, while non-operating income surged to P1.1 billion from P608.08 million in the same period in 2021.

The company saw advertising revenues increase by P1.1 billion, or 47.3% higher, attributable to “both political placements and growth in regular advertising” as it continues to expand its coverage through partnerships.

ABS-CBN President and Chief Executive Officer Carlo L. Katigbak said during the company’s annual stockholders’ meeting in July that the “improvements and the continuing upward trajectory in our financial performance are indicators that a return to profitability is possible.”

“We… continue to find ways to reduce debt. We started 2020 with P26 billion in interest-bearing loans, and we have reduced that to P21.5 billion in 2021,” he said.

“For this year, we are currently already (down to) P18.4 billion, and we hope to reduce debt further to P14 billion or less,” he added.

GMA NETWORK

Meanwhile, broadcast company GMA Network, Inc. saw its attributable net income for the second quarter rise 14.6% to P1.88 billion from P1.64 billion in the same period in 2021.

Total revenues for the period rose 19% to P6.08 billion from P5.11 billion previously.

Attributable net income for the first half reached P4 billion, up 10.2% from P3.63 billion in the same period a year earlier, as revenues increased 13% to P11.94 billion from P10.57 billion previously.

“The influx of political advocacies and advertisements for this year’s national and local elections during most part of the first semester propelled GMA’s topline to reach yet another milestone,” the company said.

ABS-CBN shares closed 5.41% lower at P12.60 apiece on Tuesday, while GMA Network shares closed 0.91% higher at P11.12 apiece. — Arjay L. Balinbin