Lopezes losses P3.9B for the 1st half of 2020, blames loss to ABS-CBN Corp. closure

Lopezes losses P3.9B for the 1st half of 2020, blames loss to ABS-CBN Corp. closure

 


The closing of the crown jewel of the Lopezes really gave them a beating, if this was a boxing match its like their 2nd knockdown in the 3 knockdown rule ( or we could say this is a clean knockout already?)

They have finally revealed the initial damage they took because of the closing of the ABS-CBN Corporation’s legislative franchise.

The Lopez controlled ABS-CBN reported a P3.93 billion loss in the first six months of 2020, a massive turnaround from a P1.468 billion profit in the same period in 2019.

(photo credit to owner)

Total revenues dropped to P13.317 billion in the first half, down by 36 percent from P20.802 billion a year ago.

After the National Telecommunications Commission ordered the TV giant to stop its television and radio transmission on May 5, a day after its franchise expired, the advertising revenues declined sharply.

The NTC, after 2 months also ordered the ABS-CBN to shut down its digital transmission on channel 43.

“These events in addition to the COVID-19 pandemic that the country is facing, drove down advertising and consumer revenues,” said ABS-CBN.

Ad revenues accounted for 39 percent of ABS-CBN’s total revenues in the first half this year, down from 54 percent a year ago.

Ad revenues shrank 54 percent to P5.202 billion in the first half this year from P11.286 billion in 2019.

The Lopez-controlled ABS-CBN also saw declining revenues from film (down 75 percent to P132 million), sale of merchandise (down 68 percent to P421 million), sponsorship (down 51 percent to P90 million), royalties (down 76 percent to P32 million), and ticket sales (down 66 percent to P7.821 million).

 

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Report from Bilyonaryo

 

 

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