ABS-CBN's 9M24 Consolidated Net loss Decreased by 22% to P2.59 Billion

​ABS-CBN Corporation’s consolidated net loss for the first 9 months of the year declined by 22% to P2.59 billion, an improvement of P744 million from P3.33 billion in the same period last year.

Consolidated Revenues

Content Production & Distribution

Total Revenue for the nine months ending September 30, 2024, was P8 billion, almost flat compared to the same period last year.

Cable TV & broadband

Revenue for the nine months ending September 30, 2024, was P4.1 billion, P1.3 billion lower or 24% compared to 2023, mainly due to the decline in subscribers.

Consolidated Revenues

For the nine months ended September 30, 2024, total consolidated revenues were P12.1 billion, P1.4 billion lower or 10% lower than the previous year’s P13.5 billion, primarily due to the decline in the Cable TV & broadband revenues.

Consolidated Operating Costs and Expenses

Consolidated operating costs and expenses amounted to P15.2 billion, a reduction of P945 million or 6% year[1]on-year. The P148 million decrease in costs under Content Production & Distribution came primarily from a reduction in production costs, while P797 million for Cable TV & Broadband was due to a cut in facilities-related expenses.

Net Loss

Content Production & Distribution: There was a P791 million, or 27% improvement for the nine months ended September 30, 2024. From a net loss of (P2.96) billion in the nine months of 2023, the net loss for the comparable period this year was (P2.17) billion.

Cable TV & broadband: Net loss for the nine months ended September 30, 2024, was (P418) million, higher by P47 million or 13% compared to 2023.

Consolidated Net Loss: Consolidated Net loss for the first nine months amounted to (P2.59) billion, an improvement of P744 million or 22% versus the comparable period last year (P3.3) billion.

EBITDA

Content Production & Distribution: EBITDA for the nine months ended September 30, 2024, was (P572) million, an improvement of P452 million or 44% compared to 2023.

Cable TV & broadband: EBITDA for the nine months ended September 30, 2024, was P1.1 billion, a decline of P103 million or 8% compared to 2023.

Consolidated EBITDA: Consolidated EBITDA amounted to P548 million, an improvement of P349 million or 175% compared to the first nine months of 2023.