ABS-CBN Corp. swung to a net loss in the next quarter as advertising and consumer earnings dropped following the closure of its broadcast and digital television surgeries, and also amid the general public health crisis.
The listed media company reported a net loss of p 3.33 billion for its third quarter compared with the attributable net gain of P813.03 million it published at the same period last year.
The corporation’s third-quarter earnings dropped 66.9% to p-3.72 billion. Its entire expenses declined 31.5% to P6.92 billion.
These brought the company’s nine-month total earnings to P17.03 billion, down 46.8% by the p-32.03 billion it reported in precisely exactly the exact same span this past year.
At the nine months during September, the corporation’s net loss caused parent equity holders reach P7.25 billion in comparison to the net gain of P2.37 billion it earned in exactly the exact identical period in 2019.
ABS CBN reported that for the nine-month phase, it generated P-17 billion in its advertising and consumer sales, 46.8percent lower year-on-year.
Advertising revenues suffered a sudden decline from the next quarter of 20 20 following the issuance on May 5, 2020, by the National Telecommunications Commission (NTC) of a Cease and Desist Order (CDO) to the firm, forbidding its continuing broadcast operations effective immediately ABS CBN noted.
The NTC also issued on June 30 a CDO contrary to the corporation’s digital TV transmission in Metro Manila using channel 43.
All these events, along with this COVID-19 (coronavirus disorder 20-19 ) pandemic which the nation is confronting, resigned the advertising and consumer revenues of this company ABS-CBN stated.