ABS-CBN Corp. said net loss dropped by 56.8 percent in the first half of the year on the back of higher political and traditional advertising revenues. 

The Lopez-led company said losses amounted to P1.46 billion in the January to June period from P3.39 billion net loss in the same period last year.

 ABS-CBN generated consolidated revenues of P9.5 billion from advertising and consumer sales,  16.2 percent higher from P18.15 billion last year. 

Advertising revenues increased by P47.3 percent to P3.2 billion, attributable to both political placements and growth in regular advertising as the company continues to expand its coverage through its partnership with various reputable companies. 

Consumer sales increased by 4.5 percent to P6.19 billion  mainly resulting from the licensing and syndication of the company’s films and programs library. 

Despite the non-renewal of the company’s franchise, ABS-CBN remained committed in producing 

meaningful and quality content in different platforms through its   Kapamilya Channel on cable TV, and digital streaming channel Kapamilya Online Live. 

ABS-CBN also secured  a partnership with Zoe Broadcasting to block time its programs under the Channel 11’s  A2Z.  

These initiatives allowed ABS-CBN to increase its audience size and reach domestically. In turn, these initiatives allowed the Company to generate P3.3 billion in advertising revenues in the first half of 2022

Sky Cable also recorded a total revenue of P4.1 billion during the first half of the year, despite the absence of direct-to-home (DTH) service. 

The company’s direct costs and expenses amounted to P11.4 billion,  0.5 percent  lower year-on-year. 

In compliance with the directive by the Office of the President of the Philippines imposing stringent social distancing measures on March 15, 2020, the company ceased production of content the same day.  This production stoppage was further extended after the cease-and-desist order was issued by the NTC to the company. 

Instead, ABS-CBN decided to align the number of programs based on partnerships closed by the company with various Free-to-Air operators. This alignment resulted in a reduction of production costs amounting to P95 million.