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Friday, March 29, 2024

ABS-CBN obtains P6b in BPI loan to refinance debt

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ABS-CBN Corp. on Friday said it borrowed P6 billion from Bank of the Philippine Islands to refinance debt.

The Lopez-led multimedia company said in a disclosure to the Philippine Stock Exchange it would use proceeds of the the loan to refinance maturing debt and for other general corporate requirements. The loan has a term of seven years.

ABS-CBN earlier reported a net profit of P2.3 billion in the first nine months of 2017, down 20 percent from last year’s P2.85 billion.

Advertising revenues fell 3 percent in the nine-month period to P15.3 billion, net of election-related spending.

The company’s profit guidance for 2017 was between P2.7 billion and P3 billion. 

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Meanwhile, ABS-CBN registered an average national audience share of 46 percent in February or 13 points higher than GMA’s 33 percent, according to data from Kantar Media.

ABS-CBN commanded the ratings game in areas such as Metro Manila, where it recorded an average audience share of 40 percent against GMA’s 28 percent, in Total Luzon where it got 42 percent against GMA’s 35 percent, in Total Visayas where it garnered 56 percent against GMA’s 27 percent, and in Total Mindanao where it hit 52 percent against GMA’s 31 percent.

ABS-CBN also scored the most number of viewers on its primetime block (6 p.m. to 12 midnight), where it hit an average audience share of 51 percent, or 20 points higher than GMA’s 31 percent.

Rival GMA Network, meanwhile, said it posted an average of 43.6 percent total day people audience share in the National Urban Television Audience Measurement toppling ABS-CBN’s 37.9 percent based on the Nielsen TV Audience Measurement.

The network registered a solid 42.5 percent people audience share versus ABS-CBN’s 33.7 percent in the morning block in NUTAM, while GMA posted an even bigger lead in the afternoon block with 48.4 percent versus competition’s 35.3 percent.

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