ABS-CBN Corp. said Tuesday it cut its net loss by 50.5 percent in the first nine months on the back of higher consumer sales.
The company posted a net loss of P1.87 billion from January to September, down from P3.77 billion in the same period last year.
ABS-CBN generated consolidated revenues of P14.3 billion from advertising and consumer sales, P1.6 billion or 12.3 percent higher year-on-year.
Advertising revenues increased by 29 percent to P4.86 billion, attributable to both election-related placements and growth in regular advertising.
Consumer sales increased by 5.3 percent to P9.45 billion, driven by the licensing and syndication of the company’s content library
The company’s content sales and licensing of its movies, shows and music to both domestic and international clients helped ABS-CBN generate P4.9 billion in advertising revenues and diversify its revenue streams.
ABS-CBN focused on growing its digital initiatives led by its own OTT platform iWantTFC.
With Sky Cable being unable to provide direct-to-home service following the lapse of its franchise, the company continued to focus on growing its broadband subscriber base.
Sky Cable’s revenues amounted to P6.1 billion despite the absence of DTH services.
Direct costs and expenses amounted to P17.6 billion, P466 million or 2.7 percent higher year-on-year.
Production costs increased by 2.7 percent year-on-year on additional programs for iWantTFC.
The cost of sales and services decreased by P146 million, mainly due to a reduction in programming costs and a decline in facilities-related expenses of the cable and broadband business.