ABS-CBN cuts Q2 net loss to P290 million

ABS-CBN Corp. trimmed its attributable net loss for the second quarter (Q2) to P289.74 million, driven by higher advertising revenues and lower expenses for the period.

For the April-to-June period, ABS-CBN’s gross revenue increased by 8.89% to P4.04 billion from P3.71 billion in the same period a year ago, while combined expenses fell by 12.37% to P4.32 billion from P4.93 billion, the company said in a regulatory filing on Wednesday.

For the six months ending June, ABS-CBN reduced its attributable net loss to P715.39 million from P2.02 billion in the same period last year.

ABS-CBN recorded combined revenue of P8.27 billion, up 6.16% from P7.79 billion a year earlier.

Content production and distribution generated total revenue of P6.36 billion. This segment is mainly composed of revenues from advertising at P3.8 billion and consumer operations at P2.55 billion.

Gross expenses fell by 12.44% to P8.94 billion from P10.21 billion in the first semester last year.

The listed media company is confident of returning to profitability within 18 months, citing higher advertising revenue and contributions from its digital, film, and music operations, ABS-CBN said previously.

At the local bourse on Wednesday, shares in the company declined by three centavos, or 0.74%, to end at P4.05 apiece. — Ashley Erika O. Jose