A drop in political advertising revenues following the 2025 election cycle led to a significant decline in earnings for Manila Broadcasting Company (MBC), the radio broadcasting unit controlled by the Elizalde family.
The listed operator of popular stations such as Love Radio and DZRH saw its net income fall by 50% to ₱28.1 million during the first half of 2026, down from ₱56.4 million recorded in the same period last year.
Total revenue for the six-month period shrank 22% to ₱590.6 million from ₱752.7 million, driven by the absence of the campaign ad spend that boosted its financial results in 2025.
The broadcaster’s second-quarter performance experienced a steeper drop, with revenue sliding 25% to ₱344.8 million from ₱461.7 million, and quarterly net profit falling 67% to ₱12 million compared to ₱36.3 million a year earlier.
To offset the top-line decline, MBC implemented cost-reduction measures. Cost of services dropped 19% to ₱276.1 million for the first half, while operating expenses decreased 16% to ₱273.7 million through lower general and administrative spending.
While these savings maintained profitability, operating cash flow dropped sharply to ₱6.7 million from ₱91.2 million year-on-year.
Capital expenditures reached ₱53.1 million for property and equipment, alongside ₱60.8 million in dividend distributions, reducing MBC’s cash reserves to ₱86.8 million by the end of June, down from ₱194.6 million at the start of the year.
The company’s core radio operations remained its primary revenue driver, led by Love Radio, which generated 47% of Q2 broadcasting fees. DZRH generated 19%, followed by Yes-FM (11%), Easy Rock (8%), Aksyon Radyo (7%), Radyo Natin (4%), RHTV (2%), and New Media (1%).