TV5 Network Inc. said it expects to cut losses by half this year mostly because of lower production and operating expenses.
“We are still not profitable, we are still in the red. But the loss from last year to this year has been cut in half,” TV5 president Vincent Reyes said.
Reyes attributed the company’s financial improvement to the lower program and operating expenses such as electricity and personnel costs.
“So next year, we are looking at 66 percent cut in losses and break even by 2019,” he said.
“We are no longer doing that we used to do before. There’s a need to restructure and reorganize,” Reyes said.
TV5 ended its partnership with Viva Communications last year. Viva used to handle the network’s entertainment programs in a bid to overhaul its programming strategy.
The network also terminated about 200 employees in December last year.
When asked if the company plans to cut more employees, Reyes said, “ there’s nothing off the table, but anything is possible.”
TV5 currently has 700 employees, down from 1,400 three years ago.