ABS-CBN Corp. on Monday reported net loss having narrowed 12.9 percent in the first three months this year on lower operating expenses.
The Lopez-led media and entertainment company posted a net loss of only P1.21 billion in the January to March period, from P1.39 billion in the same period last year.
It posted consolidated revenue of only P4.3 billion, lower by 8.3 percent from P4.65 billion as consumer sales fell.
Regular advertising revenue fell 0.6 percent to P1.47 billion in the absence of election-related placements.
Consumer sales also dropped 12 percent to P2.78 billion attributed to the decline from prior year’s licensing and syndication of its content library.
SkyCable revenue totaled P1.9 billion during the quarter despite the absence of direct-to-home (DTH) service.
In March, the Lopez group sold its broadband business to PLDT for P6.75 billion. ABS-CBN earlier said the sale of Sky Cable to PLDT was a “strategic decision resulting from, among other things, the significant capital expenditure requirements of Sky Cable to maintain its competitiveness.”
ABS CBN said the ownership sale of Sky Cable will allow the business to focus its resources on content creation.
Total costs and expenses amounted to P5.4 billion, lower by 6.5 percent compared to the same period last year.
Production costs and cost of sales and services fell by 1.4 percent and 1.3 percent, respectively, as cost control measures bite.
