ABS-CBN’s net loss rose to 13.5 billion pesos in 2020 mainly due to its broadcast shutdown.

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In its latest financial report published Tuesday, June 8, the Kapamilya network accounted its net loss for 2020 at 13.5 billion up by more than 400% from 2019’s 2.64 billion.

Its consolidated revenue on the other hand was down by 50% at 21.4 billion from 2019’s 42.8 billion pesos.

ABS-CBN’s steep decline in revenue is mainly contributed by the decrease in its advertising revenue which only accounted for 7 billion in 2020 from 22.9 billion in 2019 or more than 200% decrease.

Consumer sales are also down by 27.8% to 14.35 billion after NTC ordered the network to stop “in engaging in Sky Cable’s DTH services and distribution of TV Plus Boxes,” according to ABS-CBN’s disclosure.

Additionally, ABS-CBN has also paid 1.1 billion pesos in separation benefits to 4,500 employees including 2,674 regular employees.

ABS-CBN has been bleeding financially since the broadcast shutoff in May 2020 and the subsequent denial of its franchise application by Duterte-backed Congress. Many business units have to close down due to the shutdown thus the decline in their earnings.

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