ABS-CBN Corp., owned by the Lopez family, widened its losses in the first nine months of the year due to the absence of non-recurring advertising sales coupled with lower consumer sales.
ABS-CBN incurred a net loss of P3.33 billion from January to September, higher than the P1.87 billion net loss recorded in the same period a year ago.
Consolidated revenues for the period declined by six percent to P13.52 billion.
Regular advertising sales for the first nine months grew 18 percent to P4.829 billion.
However, after adding back election-related (non-recurring) advertising sales of P757 million in 2022, total advertising revenues for the first three quarters slipped by one percent to P4.83 billion.
ABS-CBN also reported an eight percent drop in consumer sales, totaling P8.69 billion, attributed to the decline in cable TV and satellite customers for both Sky and TFC.