ABS-CBN Corp. on Thursday reported paring its loss by 18 percent in the first three months this year to P994 million from P1.2 billion in the same period last year.
The performance, ABS-CBN president and chief executive officer Carlo Katigbank said, helped boost optimism the company would be cash flow positive by the end of the year.
In 2023, ABS-CBN posted a net loss of P12.8 billion from P2.6 billion in 2022.
“We remain confident that 2024 will be an even better year than last year,” Katigbak said at the company’s annual stockholders’ meeting held online.
“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 added.
According to him, consolidated revenue was down 4 percent to P4.08 billion in the first quarter from P4.26 billion last year. Its operating costs and expenses amounted to P5.3 billion, a reduction of 2 percent year-on-year.
ABS-CBN in a regulatory filing told the Philippine Stock Exchange (PSE) it is working on plans to improve Sky’s viability and exploring opportunities to better serve its subscribers, employees, and stakeholders.
SkyCable revenue in the quarter ended 31 March this year amounted to P1.45 billion, down 23 percent versus last year due to the continued drop in the number of subscribers.
SkyCable sustained a net loss of P344 million in the first quarter, 169 percent more than last year.
The company has a P4.5 billion loan balance of which P2.05 billion is due within a year.
