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Tuesday, June 25, 2024

ABS-CBN cut loss to P2.6b last year

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ABS-CBN Corp. said Thursday net loss dropped 54 percent last year on higher advertising and consumer sales.

The country’s largest media and entertainment network said net loss amounted to P2.6 billion in 2022, down from P3 billion in 2021. Consolidated revenues reached P19.19 billion last year, up 8 percent from P17.82 billion in 2021.

Advertising revenues amounted to P6.39 billion, while consumer sales reached P12.80 billion. Costs and expenses rose 4 percent to P23.45 billion from P22.53 billion.

ABS-CBN said despite the non-renewal of its franchise, it continued to focus on creating compelling content and stories for domestic and overseas markets and platforms through partnerships and collaborations.

“With an emphasis on generating maximum value for its content and products, the company continues to monitor shifts in technology, audience behavior, and industry demand as it expands its digital and international businesses while continuing to invest in content and story generation capabilities,” ABS-CBN said. Darwin G. Amojelar

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