ABS-CBN Corp. said it was able to control the losses of its mobile unit last year, but it has no decision yet on the renewal of its mobile network sharing agreement with Globe Telecom Inc.
“We’ve managed to contain the losses last year. For ABS-CBN Mobile, we’re still in discussion with Globe, so in the next few weeks, most likely, we will probably have some decision on ABS-CBN Mobile. We’re still in discussion with Globe in terms of the plans for the mobile business of ABS-CBN,” ABS-CBN chief financial officer Aldrin Cerrado said.
Cerrado said the losses of ABS-CBN Mobile last year were almost the same as in 2016.
ABS-CBN Mobile posted a net loss of P560 million in 2016, lower than the P600-million net loss in 2015.
ABS-CBN’s agreement with Globe will expire in June this year. Under the agreement signed in May 2013, Globe will provide the capacity and coverage on existing cellular mobile telephony network to ABS-CBN Convergence Inc. on a nationwide basis. The parties may also share assets such as servers, towers and switches.
ABS-CBN Corp. earlier reported a net income of P3.16 billion in 2017, down 10.3 percent from P3.53 billion in 2016 in the absence of election-related advertisements.