ABS CBN reduces losses, may go to profitability in medium term
A media company has reduced its losses from P1.42 billion to mere P39 million only in 2q of 2022 mainly due to reduction in expenses, debt. Its revenues rose from P4.24B to P4.83B Its non operating income rose to P1.04 billion up from P413.3 million
This is a great display of grit determination and resiliency despite unfriendly political environment, and the pandemic, and perhaps due to able leadership.
It is possible that the company can make profit in the near term. This performance in spite of its frequency for free TV being taken away by govt regulators due to non renewal of its franchise by Congress. (for having crossed past President during the campaign period)
The company broadcasts thru the streaming internet Ch 5, and A2Z. Its foreign channel still exists.
It cant be broken. The company has determined that its now a content creator, rather than a media company When you have clearly defined your mission or have readjusted, then it it is easy to amend the processes and focus.
Congratulations sir Carlo
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