GMA Network, Inc. said net income grew by 78 percent in the first nine months of the year despite the absence of incremental sales from the 2019 elections.
The Gozon-led broadcasting network posted a net income of P3.90 billion in the January to September period this year from P2.19 billion in the same period last year.
For the first nine months of the year, consolidated revenues of the company amounted to P12.65 billion, up by 4 percent from last year’s P12.21 billion.
“The successful launch of GMA Affordabox, the company’s version of the digital set top box, further boosted this year’s revenues since it was launched in June,” the network said.
“Sans the windfall in 2019 from political advocacies and advertisements, as well as this year’s sale of GMA Affordabox, recurring revenues posted an improvement of 7 percent year-on-year.
GMA said the increase in TV advertising, particularly during the third quarter propelled the growth in year-to-date airtime sales and wiped out the setback in the second quarter during the height of the pandemic.
All airtime-revenue generating platforms enjoyed top-line gains versus a year ago.
“The upswing in advertising revenues was further boosted by online/digital sales, which, for the past nine months posted the biggest improvement percentage-wise at 36 percent,” GMA said.
Meanwhile, the network said these were partly trimmed down by the slight reduction in international advertising.
GMA’s total consolidated operating expenses reached P7.05 billion, nose-diving 23 percent compared to last year’s P9.11 billion.