Philippines: GMA Network more than doubles earnings

  • Aug 09, 2016

Philippines: GMA Network more than doubles earnings

Tuesday, August 9, 2016 – Net earnings of GMA Network Inc. surged 116 percent in the first semester from a year ago, as election-related earnings boosted revenues for the period.

For the January to June period, net income of GMA reached P2.38 billion, well-above the P1.1 billion in the same period last year.

“It definitely exceeded our expectations for the year,” GMA chairman and CEO Felipe Gozon said.

GMA’s first half net profit is higher than the company’s bottomline for 2015 which reached P2.1 billion.

“We are hoping that this momentum will continue well into the remaining quarters,” Gozon said.

The higher net income was seen as revenues for the six-month period grew 32 percent to P8.76 billion from P6.65 billion last year on the back of election-related earnings together with the sustained growth in recurring advertisements. Read More?