ABS-CBN Corp. posted a consolidated net loss of P1.83 billion in the first half, more than double the P852 million recorded a year earlier, as lower revenues from its cable TV and broadband businesses continued to weigh on its bottom line.
In a statement on Monday, the media firm said consolidated revenue stood at P6.88 billion, down 17 percent from the same period last year.
The revenue decline was partly offset by lower consolidated operating expenses, which dropped by 5 percent, or P482 million to P8.46 billion.
ABS-CBN said revenue from content production and distribution dropped 9 percent in the first six months to P5.76 billion due to the absence of the election-related spending seen a year earlier and fewer movies and major events produced.
Excluding political advertising and one-off items, recurring net loss in the content business was said to have narrowed by 1 percent while recurring earnings before interest, taxes, depreciation and amortization rose 2 percent year on year.
ABS-CBN said the decline in content revenue was partly offset by higher consumer sales and growth in international syndication and co-productions.
Star Cinema released “Tayo Sa Wakas” in May while BINI’s world tour began in June following the group’s performance at the Coachella Valley Music and Arts Festival in April. The tour is scheduled to continue through the second half while additional film and live-event releases are expected during the period.
ABS-CBN said it expected revenues to improve over the rest of the year as its film and live-events slate progresses.
Shares of ABS-CBN on Monday dropped P0.22, or 5.14 percent, to close at P4.06 each.
