GMA profit plunges on lower ad revenues
GMA Network Inc. saw a 35 percent decline in its first semester profit to P1.55 billion due to the absence of political ads.
Political advocacies and advertisements contributed P1.49 billion to the company’s top line in the first half of 2016.
GMA’s recurring revenues amounted to P7.69 billion, up six percent year on year.
“We will still try to accomplish our yearend financial target as we have entered the second half of the year. We are very excited about our new programs, particularly on our primetime block, as well as other business opportunities that are expected to unfold within the year,” said GMA Network chairman and CEO Felipe L. Gozon.
The company has set a profit guidance od over P3.9 billion this year, seven percent higher than the year earlier figure.