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MANILA, Philippines — ABS-CBN Corp. incurred a wider net loss in the first quarter on weaker advertising revenues, the absence of major film releases, and softer cable and broadband sales.
In a disclosure on Monday, the media giant said its consolidated net loss had reached P813 million in the January-to-March period, worsening from the P500-million loss recorded a year earlier.
Consolidated revenues fell 21 percent year-on-year to P3.33 billion, with the company attributing much of the decline to weaker cable TV and broadband revenues.
Its core content production and distribution business generated P2.76 billion in revenues during the quarter, down 13 percent.
