ABS-CBN losses narrowed to P4.37B in 2024

ABS-CBN CORP. narrowed its net loss to P4.37 billion in 2024, despite posting lower revenues, thanks to reductions in production costs and expenses.

According to its 2024 annual report, the listed media company reduced its attributable net loss by 55.22% to P4.37 billion from P9.76 billion in 2023.

The company’s reduced production cost of P7.13 billion, lower by 3.8% from P7.41 billion in 2023, helped offset the decline in revenues for the period. ABS-CBN’s consolidated costs and expenses also decreased by 19.92% to P24.95 billion from P31.16 billion in 2023.

ABS-CBN’s combined revenues for 2024 fell by 6.37% to P17.33 billion from P18.51 billion previously.

For the period, the majority of its revenues were driven by advertising, which accounted for 39% of its total revenues last year, the company said.

Breaking it down, content production and distribution revenues increased by 5.57% to P11.94 billion in 2024 from P11.31 billion previously, while cable TV and broadband revenues dropped by 25.14% to P5.39 billion from P7.2 billion in 2023.

“Despite the non-renewal of ABS-CBN Corporation’s franchise, it continued to explore and pursue other business relationships with local and foreign entities to ensure maximum exposure and monetization of its content assets,” the company said.

Further, the company attributed its lower cable and broadband revenues to the expiration of its franchise in 2020, which has hindered Sky Cable from providing direct-to-home services since August 2020.

At the local bourse on Tuesday, shares in the company shed three centavos, or 0.66%, to P4.55 apiece. — Ashley Erika O. Jose