ABS-CBN trims down losses by 50%, GMA Network posts PhP 1 billion net income in the 3rd Q of 2022 - TrueID

ABS-CBN trims down losses by 50%, GMA Network posts PhP 1 billion net income in the 3rd Q of 2022

LionhearTVNovember 20, 2022

ABS-CBN and GMA Network are heading to the right direction, albeit the former still being in the red zone.

ABS-CBN and GMA Network posted promising results with their finances, according to the latest financial report they filed to the Philippine Stock Exchange (PSE) for the third quarter of 2022. ABS-CBN reduced its losses for the first nine months of the year, to PhP 1.87 billion, from the PhP 3.77 billion–it reported last year. For the third quarter, the company incurred a PhP 407 million net loss (after tax), slightly lower than the PhP 387 million recorded in the preceding quarter.

The Kapamilya Network generated consolidated revenues of PhP 14.3 billion, driven primarily by robust ad revenues and subscription sales. A recorded 12.2% growth in sales for the first nine months of the year as compared to the same period in 2021. A generated advertising revenues from January to September have increased by 29% to PhP 4.86 billion, attributable to both the influx election-related ad placements and its regular advertising. Consumer sales hit PhP 9.45 billion, party due to licensing agreements and syndication deals with other distributors.

Sky Cable contributed PhP 6.1 billion of revenues amid the cancellation of its direct to home service in late 2020.

GMA Network declined in gross sales to PhP4.8 billion from PhP 5.95 billion in the preceding quarter. Its consolidated revenues for the first nine months of the year, however, is already slightly higher than the same period in 2021. A big chunk of this growth from the political ads leading to the election.

Net income after tax recorded at PhP 1.1, a 50% deduction from the PhP 2.35 billion posted in the preceding quarter. The company needs to have a fourth quarter net income of over PhP 3 billion to hit the PhP 8 billion target it said capable of earning by the end of the year.

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