ABS-CBN Corp. said Thursday it expects 2024 to be a stronger year than 2023 amid the growing popularity of its television programs and movies.
“We remain confident that 2024 will be an even better year than last year,” ABS-CBN president and chief executive Carlo Katigbak said during the company’s virtual annual stockholders’ meeting.
“Our financial performance is on an upward trajectory. We have laid the foundations for a company that is now asset light and content focused. Today our program and movies have regained their prominence with their audience,” he said.
Katigbak said the company expects to finally be cash flow positive by end-2024.
ABS-CBN posted a net loss of P994 million in the first quarter of 2024, down by 18 percent from the P1.2-billion loss in the same period last year.
Consolidated revenues went down by 4 percent to P4.08 billon in the first quarter from P4.26 billion in the same period last year. Its operating costs and expenses amounted to P5.3 billion, a reduction of 2 percent year-on-year.
ABS-CBN posted a net loss of P12.8 billion in 2023.
Meanwhile, ABS-CBN said in a disclosure to the Philippine Stock Exchange (PSE) that it was working on plans to improve Sky’s viability and continuously exploring opportunities to better serve its subscribers, employees and stakeholders.
SkyCable’s revenues in the first three months amounted to P1.45 billion, down by 23 percent from a year earlier on the continued drop in the number of subscribers.
Sky’s net loss amounted to P344 million in the first quarter, up by 169 percent last year’s. The company has a P4.5-billion loan balance, P2.05 billion of which is due within a year.
