ABS-CBN Corp. said losses in the first nine months of the year reached P7.22 billion from P2.59 billion net profit in the same period last year. 

The Lopez-led broadcasting company also recorded a net loss of P3.43 billion in the third quarter of the year from P983.86 million in the same period last year. 

The company’s consolidated revenues amounted to P17.03 billion in the first nine months of the year, down from P32.02 billion in the same period last year. 

For the third quarter alone, ABS-CBN’s revenues reached P3.71 billion from last year’s P11.22 billion. 

“Advertising revenues suffered a sharp decline in the second quarter of 2020 following the issuance on May 5, 2020, by the National Telecommunications Commission (NTC) of a Cease and Desist Order (CDO) to the company, prohibiting its continuing broadcast operations effective immediately,” ABS-CBN said.

In addition, the House Committee on Legislative Franchises (regular and ex-officio members) voted to adopt a Resolution denying the franchise application of the company. 

“These events in addition to the COVID-19 pandemic that the country is facing, drove down both the 

advertising and consumer revenues of the company,” ABS-CBN said. 

Direct costs and expenses amounted to P23.6 billion, or an 18.4 percent decline year-on-year, while production cost decreased by  23 percent.

Sky Cable Corp., on the other hand, posted a 4 percent increase in revenues year-on-year through its broadband business. 

Its broadband subscribers had increased to over 300, 000  by the end of the third quarter of 2020.

ABS-CBN’s total revenues generated from digital platforms amounted to P294 million, lower by 23.9 percent compared 

to the same period last year. 

Kidzania and Studio Experience generated P113 million in revenues for the nine month period of  2020. As a result of the COVID-19 pandemic, the Company decided to cease operations effective August 31, 2020.