The company soared to a three-week high and saw its highest volume traded, in two months, as rumors of its ‘big time’ media collaboration with Manny V. Pangilinan’s TV5 amplify.
ABS-CBN continues to make the strides in recovery through its pivot to digital media after losing its broadcast franchise in 2020.
Last May, the company filed at the Philippine Stock Exchange (PSE) that it successfully trimmed down its first quarter (January – March 2022) to 1.39 billion, which is 28% lower than the net loss it incurred during the same period last year.
Consolidated revenues also leaped by 18.6%–from Php3.92 billion last year to Php4.65 billion.
Losses have seen to further shrink in the year’s second quarter with political ads fueling the company’s revenue-generation streams during the election season.
Developments like these in the company’s fiscal situation notably occurs ahead of a much talked-about media collaboration between ABS-CBN and the Manny V. Pangilinan media company, MediaQuest Inc and its free TV network, TV5.
As the said collaboration, said to see the two media companies combining their resources to form one formidable broadcast and entertainment entity continues to excite investors, some interesting developments have also been taking place at the stock market. This week alone, ABS-CBNC Corp’s stock price soared by 7.74%. Share price on Thursday, June 30, was at PhP10.18 apiece, marking the first time the company’s stocks are priced higher than PhP10 in 4 weeks.
The company saw a massive 627% spike in trading volume on Wednesday, June 29. On Thursday, securities traded also soared by 250% more than the average, indicating an increase of interest among investors.
